Ransomware, which refers to the hijacking and encryption of data by criminals, is one of the main threats
In ransomware, it refers to attacks that involve data encryption and ransom demands (photo: Kaspersky)
In recent times there has been an increase in cyber threats. The increase in digitalization increased the potential attack surface, which implies new security attacks.
In Latin America, organizations have been victims of cyberattacks, in on average, some 1,586 times a week in the last six months, according to data from the cybersecurity company Check Point Software.
In Colombia, punctually, attacks to companies occur 2,387 times a week, which places it in the east as the third most attacked country in Latin America, after Bolivia and Jamaica.
Particularly noteworthy is the increase in malware attacks that hijack and encrypt data, known as ransomware. According to the aforementioned report, there was a 14% year-on-year increase so far in 2022 in this type of threat worldwide: 1 in 60 organizations are affected by ransomware attacks on a weekly basis.< /p>
“Cyber attacks continue to grow at an alarming rate, in volume, sophistication and impact. In this age of excessive cybercrime, the need to protect organizations from advanced attacks is more important than ever. Businesses must use pioneering technologies to stay protected. Due to this scenario, organizations must prioritize prevention if they want to combat this growing threat,” explains Ray Jiménez, vice president for Latin America at Check Point Software.
Digital transformation efforts have dramatically accelerated as companies embrace hybrid and remote working. This new virtuality brought with it new cybersecurity challenges, as evidenced by the numbers shared in this report.
In Latin America, organizations have been victims of cyberattacks an average of 1,586 times per week (photo: ifep.com/Scyther)
A new chapter in the ransomware ecosystem
Over the last five years, ransomware operations have been transforming. They went from being random email threats to organized attacks, targeting organizations around the world.
The report identified that threat groups around the world are using Russian/Ukrainian-themed documents to spread malware and lure victims into cyber espionage.
Depending on targets and region, cybercriminals are using lures ranging from official-looking writing to news articles and job postings.
The researchers believe that the motivation for these campaigns is cyberespionage, the purpose of which is to steal sensitive information from governments, banks and energy companies. The attackers and their victims are not concentrated in a single region, but are spread throughout the world, including Latin America, the Middle East and Asia.
In addition to the war between Russia and Ukraine, Russian ransomware group Conti threatened to topple Costa Rica’s newly elected government with a cyberattack and demanded a $20 million ransomto obtain a decryption key to unlock the hacked systems.
From these attacks, the Conti group takes triple extortion to a new level, trying to intervene in internal affairs of a sovereign country. This event likely started as a regular ransomware attack tactical event, but quickly evolved into a new type of event that has significant financial and geopolitical consequences.
Researchers believe that the motivation for some cases of cyberattack is cyberespionage, whose purpose is to steal sensitive information from governments, banks and energy companies
Peru is another victim of extortionby the Conti group. The public stage of the extortion attack against that country began on May 7 and is currently focused on two key government entities: the Ministry of Finance and the General Directorate of Intelligence. The extortion against Peru is a developing event, and is currently in much earlier stages than the event against Costa Rica.
“These recent massive ransomware attacks in Costa Rica and Peru, both allegedly run by the infamous Conti ransomware group, shows us that Conti attacks are in line with what we’ve been saying for some time: ransomware attacks are on the rise, with twice the and triple extortion, and they are increasing to the point where countries are grinding to a halt. Governments and organizations simply can no longer afford to settle for second best security,” says Francisco Robayo, Engineering Leader for Latin America from Check Point Software.