Ransomware has become big business and leads the top predictions of what will headline 2020 in the way cyber security trends, according to Veritas.
Ravi Rajendran, vice president and managing director of Asia South Region, Veritas, says ransomware, container technology and AIOps adoption are the top three trends in this space for the next 12 months.
Ransomware has become big business
Rajendran says cybercriminals have long relied on social engineering as one of their most successful modes of attack.
"By fooling employees to share information or download their malware, ransomware attackers acquire the credentials they need to capture a company's most important digital assets," he says.
"Without a clean backup copy of an organisations entire data catalog, users are held hostage at the mercy of criminals seeking monetary gain."
To stay ahead of the cat and mouse game, Rajendran says cybercriminals techniques will evolve in response to more rigorous company policies.
"We're already seeing the beginnings of a secondary illegal market for stolen credentials. On the dark web, ransomware is fuelling the rise of a burgeoning market that makes it quick and easy for cybercriminals to gain remote access to corporate systems," he explains.
"This boom is being supported by a shifting attack strategy that will only become more embedded in 2020. Ransomware attackers will increasingly target their efforts, not on existing employees, but on adjacent targets and other accounts with access to the systems of their intended victim," Rajendran says.
This includes outside contractors, freelancers, partners and approved vendors.
"In Singapore, the latest malware incidents that hit before we close out the year is yet another timely reminder that ransomware will no longer be a matter of data denied," he says.
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