Although the Resort Municipality of Whistler (RMOW) was recently the target of a ransomware attack, cyber security experts say such attacks are becoming more frequent.
Over the last year and a half, Fortinet’s FortiGuard Labs in Burnaby has seen a significant rise in the number and sophistication of ransomware attacks, according to Derek Manky, the company’s head of security insights and global threat alliances.
Ransomware attacks first became common around 2010, and for the better part of a decade, the cyberattacks were made at as many targets as possible, mostly smaller businesses that could be extorted for money in return for their data.
Manky said that — however, because of how much money the “gangs” have made, “they’ve become more bold and brazen now,”
He added “They have more technology … their ransom techniques are stronger when it comes to encryption and cryptography. They have more means to move money through with the rise of cryptocurrency and crypto platforms.”
With that complexity has come an increase in targeted attacks like the one the RMOW is dealing with.
According to Manky, FortiGuard saw a sevenfold rise in this form of operation in only the second half of 2020. Although the firm is keeping an eye on about ten established ransomware gangs, according to Manky, there are “at least 20 or 30 of these gangs now, that are growing in size,”
Ransomware attacks have evolved into an entire ecosystem, encompassing everything from hacking to extortion to those who run online marketplaces and the thousands of people who buy stolen personal information – “each gang can be up to 50 members now,” Manky said.
“And it’s creating actually a competitive landscape between the gangs, as well, in a sort of turf war.”
The good news, according to Manky, is that the cyber security industry is collaborating with law enforcement agencies all over the world to combat the rising threat.