According to a report by Cyble, ransomware threats increased in 2023, as incidents rose from 2,200 in 2022 to 4,200 in 2023. While 117 counties suffered attacks, the majority targeted the United States, the UK, Canada, Germany and Italy. These countries experienced 65% of the attacks in 2023, with the U.S. enduring the greatest number of incidents. 

All industry sectors were targets of ransomware attacks in 2023, but the sectors of professional services, manufacturing and construction suffered the most attacks. Meanwhile, the healthcare, transportation & logistics and energy & utilities sectors faced the most intense incidents. 

Prominent ransomware groups were responsible for 42% of the attacks, however, as many as 32 new groups emerged. Many groups enacted aggressive extortion tactics by weaponizing cybersecurity regulations to tarnish an organization’s reputation and pressure them into paying a ransom. 

Although ransomware attacks were on the rise, law enforcement agencies were able to seize operations of groups such as Hive and RagnarLocker. Many ransomware groups struggled to maintain brand sustainability in the face of reduced ransom payments and increased law enforcement pressure, this pushing them from encryption to extortion. 

To learn more, read Cyble’s research report here.