February 29, 2024 at 09:32AM
Ransomware-as-a-service (RaaS) affiliates are driving a surge in ransomware attacks in the Middle East and Africa. Group-IB’s report shows a 68% increase in data leaks from 205 companies, with financial services as the primary target. Organizations in the region, particularly those with less mature security controls, are vulnerable to operational and reputational risks from ransomware threats.
Based on the meeting notes, the key takeaways are:
– Ransomware-as-a-service (RaaS) affiliates are driving a significant increase in ransomware attacks in the Middle East and Africa (MEA).
– Financial services were the primary target, followed by real estate and manufacturing sectors.
– Ransomware developers commonly sell or lease their wares to affiliates, increasing the overall threat.
– Organizations in the MEA with less mature security controls and expertise are particularly vulnerable to ransomware threats.
– State-sponsored ransomware threats also pose a significant risk to the region, especially with additional geopolitical conflicts exacerbating vulnerabilities.
– Cybersecurity is less of a priority for some nations in the region, with wider economic challenges in Africa potentially contributing to less focus on cybersecurity.
– Ransomware attacks are growing worldwide, with an increase of 52% in Europe, 39% in APAC, and a doubling in North America.
– Digital transformation projects in the MEA region are creating greater opportunities for cybercriminals to launch ransomware attacks.
– It is advised that victims do not pay ransomware attackers, and proactive investments in preventive measures and robust cybersecurity strategies are vital.
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