Hackers Target Big Corporations as Ransom Payouts Shrink, Moody’s Warns of Rising Risks

Cybercriminals are evolving their strategies as the landscape of ransomware attacks changes. A recent report by Moody’s highlights that hackers are now focusing on high-value targets like major corporations to secure bigger payouts. This shift is largely driven by the declining number of victims willing to pay ransoms, which dropped from 85% in 2019 to 28% in early 2024, according to data from ransomware recovery firm Coveware.

Why Big Organizations Are at Risk

Hackers are exploiting supply chain vulnerabilities to penetrate larger organizations indirectly. By targeting vendors or suppliers with weaker cybersecurity protocols, they gain access to sensitive systems of well-protected companies. This method not only increases the scale of potential payouts but also highlights a growing weakness in global supply chains.

Key sectors such as finance, technology, healthcare, and logistics are particularly vulnerable due to their reliance on intricate networks of suppliers and contractors. Financial institutions are prime targets, as their systems hold massive amounts of money, transactional data, and client information.

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The Rise of GenAI-Driven Phishing Attacks

Phishing attacks remain a cornerstone of cybercrime, but the introduction of generative artificial intelligence (GenAI) has raised the threat level. GenAI tools enable attackers to craft highly personalized and convincing phishing emails, mimicking legitimate communications. According to an IEEE study from March 2024, 60% of participants fell victim to GenAI-powered phishing scams.

This automation has reduced the cost of phishing attacks by 95% while enhancing their effectiveness. Cybersecurity firm Zscaler noted a 58% increase in phishing attacks in 2023, coinciding with the rise of AI tools like ChatGPT.

Steps to Prevent Cyberattacks

To combat this growing threat, experts recommend:

1. Enhanced Vendor Risk Management: Companies must ensure third-party vendors comply with strict security standards.
2. Zero-Trust Security Models: This approach minimizes trust in any system, requiring strict verification for every user and access point.
3. Continuous Monitoring: Proactive detection of suspicious activities within networks and systems can help mitigate threats before they escalate.

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