Businesses must prepare for rising ransomware attacks, especially on supply chains
In their new report, CoT Partner Allianz highlights that the pandemic and the rise of cryptocurrencies have made it easier for cyber criminals to undertake ransomware attacks. That is why businesses will have to expand their cybersecurity efforts in the coming years.
Charter of Trust Partner Allianz published a new major report “Ransomware trends: Risks and Resilience”. In the report, Allianz highlights that the pandemic and the rise of cryptocurrencies have made it easier for cyber criminals to undertake ransomware attacks. Indeed, this kind of attack often comes with low risk and high financial benefits. That is why businesses will have to expand their cybersecurity efforts in the coming years.
The report finds that supply chains have emerged as key targets of ransomware attacks. This is because attacks on supply chains help cybercriminals maximize their efficiency and return on investment. At the moment, entire supply chains appear as victims of two types of attacks: attacks that target software or IT service providers, using them to spread malware, and attacks that target physical supply chains, such as critical infrastructure.
As a response to this growing threat, Allianz and its fellow Charter of Trust Partners are calling on companies to strengthen their controls and to invest more in cybersecurity. This is an essential effort in light of the fact that the majority of ransomware attacks are generally not targeted and not very sophisticated. It has become clear, so the report confirms, that hackers will logically first hit those businesses with the weakest defences.
It is the Charter of Trust’s ambition to enable companies to protect the integrity of their data. This specifically refers to the Charter’s Principle 2 “Responsibility throughout the digital supply chain”, where CoT Partners developed the “Common risk-based approach for the Digital Supply Chain”.
We hope Allianz’s report is useful to you and you enjoy reading.