![]() However, they observed that starting in 2021 and continuing through 2022, the location of victims seems to be shifting from the US and Canada, through the UK and Western Europe, and toward the rest of the world. Orange Cyberdefense specialists noted that large, English-speaking economies have typically been the most impacted by cyber extortion. While month-to-month numbers vary, it is clear there are more of these types of attacks than at the beginning of 2020. Cy-X is a form of computer crime in which the security of a corporate digital asset (confidentiality, integrity, or availability) is compromised and exploited to extort payment.įigure 1 shows the number of Cy-X enterprise victims who had their data placed on leak sites since 2020. For the criminal act of extorting ransom from a victim, Orange Cyberdefense uses the term “cyber extortion” or Cy-X. To better understand what is happening in the ransomware space, Orange Cyberdefense specialists have been working with others in the industry to clarify and standardize the terminology. These records included sensitive details on about 9.7M people. This “double extortion” involves using leak websites on the dark web created by threat actors to publicly post sensitive data and thus apply further pressure for a company to pay the ransom.Ī recent example happened on November 9, 2022, when a ransomware group leaked customer records for a leading Australian health insurance company, Medibank, after it refused to pay a ransom. This is now often coupled with the growing adoption of publicly naming and shaming ransomware victims by attackers. Orange Cyberdefense specialists noted that the amount of money ransomware attackers are asking for has doubled over the course of the last two years. The ransomware attack on the Colonial Pipeline and the latest series of distributed denial-of-service attacks on US airport websites shows how hacking has become an organized business. From Ransomware to Cyber Extortion or Cy-X At both events, the company emphasized that it wants to expand its partnership with providers, VCs, academia, NGOs, and others to maintain the highest possible level of cybersecurity service. Orange Cyberdefense, which held an analyst event in Antwerp, Belgium, followed a few days later by a customer and partner event in London, England at the end of November 2022, is countering these threats by providing new managed security services offerings, including increased threat intelligence, and supporting secure access service edge (SASE). These threats are global, and with tools and platforms readily available on the dark web, amateurs can easily engage in cybercrime. As cyberattacks become more sophisticated, often supported by nation-states, they are leading to high-profile and embarrassing releases of customer data. Ransomware and cyber extortion are not only becoming more common but more damaging to enterprises. With cyber threats on the rise, organizations need to secure their hybrid technology environments to protect their operations and their customers. Avasant Foundation Golf Event: Impact the Future 2023.Avasant Empowering Beyond Summit 2023 Middle East.Digital and Application Services Benchmark.Global Equations™ – Country Data and Index.Digital Public Infrastructure Consulting.Governance, Risk & Compliance Consulting.
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