Gartner: Threat of New Ransomware Models is Top Emerging Risk
October 21, 2021
Supply Chain Disruptions and Endemic COVID-19 Also in Top Five Risks in 3Q21
threat of “new ransomware models” was the top concern facing executives
in the third quarter of 2021, according to Gartner, Inc.’s latest
Emerging Risks Monitor Report. Concerns about ransomware topped
pandemic-related concerns, including supply chain disruptions, according
to the survey of 294 senior executives across industry and geography.
The rise of
new ransomware models as a top threat to organizations in many ways
tracks the growth in popularity of cryptocurrencies that have
strengthened the anonymity of attackers, while also providing new models
to extort victim organizations. The ransomware business model has become
more specialized and otherwise efficient, including “ransomware-as-a-service,”
and demand for bitcoin payouts, resulting in a proliferation of attacks.
The technology for the attacks themselves also evolves, with viruses
that linger and infect backup systems, do not rely on phishing as a
vector, harder-to-identify viruses such as “fileless” and
Rajeev Gupta, Co-founder & Chief Product Officer
at Cowbell Cyber explained, "It's not a surprise that the
ransomware threat has emerged as the top concern for the executives. Bad
actors are capitalizing on the perfect opportunity created by the
businesses' need to go digital as a result of remote workforce /
customers, and growth of cryptocurrencies. At Cowbell, we are
seeing an exponential increase in the demand for cyber insurance. As a
result, the entire dynamic has changed from 'Do I need Cyber Insurance?'
to 'Can I get Cyber Insurance?'"