According to the FBI’s 2024 Internet Crime Report, ransomware poses a persistent and growing threat to US critical infrastructure, which includes sectors such as healthcare, communications, energy, and financial services. Experts warn that phishing and social engineering are key tactics fueling these attacks, underscoring the importance of proactive cybersecurity measures.
The alarming surge in ransomware attacks
In 2024, the FBI’s Internet Crime Complaint Center (IC3) received over 4,800 cyberthreat reports from critical infrastructure firms, with ransomware topping the list. Notably, ransomware incidents within this sector grew by 9% compared to 2023.
Hospitals and emergency care centers are some of the most vulnerable entities, frequently targeted by ransomware groups. Attacks on healthcare facilities often result in more than financial losses; they threaten lives and disrupt essential services, creating ripple effects that insurance payouts can’t fully address.
Despite notable victories by the FBI and international law enforcement, including the takedown of LockBit’s infrastructure, ransomware remains a pervasive problem. In 2024 alone, 67 new ransomware variants were identified, including FOG, Lynx, Cicada 3301, DragonForce, and Frag. Moreover, the number of successful ransomware attacks rose, and reported losses jumped by 33% compared to the previous year.
Phishing and social engineering: The real threat
Ransomware attacks often start with phishing emails or other social engineering tactics designed to trick employees into granting attackers access to critical systems. These methods, which exploit human error and trust, account for over half of all ransomware incidents. Clicking on a malicious link or downloading an attachment can compromise entire networks.
Given this, the real danger isn’t just the ransomware itself; it’s the tactics attackers use to infiltrate systems in the first place. Phishing emails, social engineering scams, and unpatched software vulnerabilities create openings for attackers to gain access, enabling them to spread ransomware or steal sensitive data. Without taking proactive steps to address these issues, organizations leave themselves exposed to significant risk.
Yet, many organizations allocate less than 5% of their IT security budgets to counter social engineering or patch system vulnerabilities. This underinvestment leaves critical gaps in cybersecurity defenses and is one of the main reasons ransomware attacks continue to thrive.
How small businesses can fight back against ransomware
To protect your business against ransomware, it’s crucial to focus on both human defenses and technical safeguards. Start by prioritizing regular security awareness training sessions to equip employees with the knowledge to identify and thwart phishing attempts. Simulated phishing exercises can further prepare your team to react appropriately in real-life situations, significantly reducing the likelihood of a successful attack.
In addition to training your workforce, leverage advanced tools and resources to strengthen your overall cybersecurity posture. Frameworks such as the Institute for Security and Technology’s Blueprint for Ransomware Defense provide a practical and actionable guide to building robust defenses. Using them can help your organization identify vulnerabilities, implement best practices, and create response plans to mitigate potential damage. By combining education, strategic investment, and reliable tools, small businesses like yours can take proactive steps to combat the growing threat of ransomware.
If you’re unsure where to start or need help strengthening your defenses, reach out to our cybersecurity experts today. Together, we can protect your business from the growing threat of ransomware.
