Q3 2023 recorded the most ransomware attacks in history according to new report

Cybercriminals have been busy. According to the Ransomware Trends Report by Cyberint, Q3 2023 has recorded the most ransomware attacks of any quarter in history. The announcement follows an earlier report that 2023 is poised to become the second-largest year in ransomware attacks.

To be more specific, there were 1420 reported cases in Q3, an increase from 1386 cases reported in Q2. The US was the most targeted country and the majority of victims (525) were in the business service sector.

The manufacturing sector was the second most hit with 232 cases while retail came third with 148 cases. The finance, insurance, and real estate sectors reported 131 attacks each while there were 70 attacks targeting the critical infrastructure sector which includes healthcare.

LockBit3.0 remains the most dangerous group accounting for 17.7% of all the ransomware cases in Q3. That translates to 252 victims. Cl0p Ransomware group came second with 177 victims while ALPHV was third with 120 victims.

The other most active groups in Q3 2023 were 8Base, Play, Bianlian, Noescape, Akira, LostTrust and Cactus to complete the top 10 list.

The good news is various government agencies have created initiatives to crack down and prosecute cybercriminals. Nine Trickbot affiliates are currently under indictment by the US Department of Justice.

But while this may help to discourage wannabe cybercriminals it still doesn’t help protect your business against existing groups and threats.

That’s why cybersecurity needs to be at the top of every business owner’s mind. Ensure that you are following security best practices like regular patching, employee security awareness training, and the use of appropriate security solutions.

It’s also recommended that you have a cybersecurity incident response plan complete with post-incidence response. Knowing how to respond after your business has suffered an attack could make or break your business.