The ransomware ecosystem is becoming increasingly complex in the UK, according to a joint report published by Britain’s National Cyber Security Centre and National Crime Agency. 

Ransomware encrypts files and demands a ransom to decrypt them. This malicious software has harmed high-profile institutions worldwide, including the Health Service Executive of Ireland, the Colonial Pipeline in Texas, the National Health Services, and even local councils’ critical care services and several educational institutions in the UK.

According to the joint white paper, criminals are becoming more sophisticated in their methods, making it more difficult for organisations and institutions to defend themselves against ransomware attacks. It is not enough to focus on individual ransomware variants, and organisations need to “take on a more holistic view.”

“Our joint report reveals the complexities of the cybercrime ecosystem, with its different platforms, affiliates, enabling services and distributors, which all contribute to the devastating outcomes of ransomware attacks on the UK’s organisations,” NCSC chief executive Lindy Cameron said.

Ransomware crime rate

Ransomware attacks on UK organisations reached a record high last year, with over 700 organisations compromised and potentially more than 5.3 million people affected. 

The true number of ransomware attacks is unknown, as victims are not required to report them to law enforcement. However, the security incident trends data from the Information Commissioner’s Officer (ICO) show that the number of reported ransomware attacks has increased steadily in recent years.

The ICO’s data show that ransomware incidents accounted for 20 percent (440 cases) of all cyber incidents in 2020. This figure rose to 28 percent (694 cases) in 2021 and 34 percent (706 cases) in 2022. This means that one in three cyber incidents reported to the ICO is ransomware. The agency has yet to publish data on ransomware attacks in 2023. 

“The UK is a top target for cybercriminals. Their attempts to shut down hospitals, schools and businesses have played havoc with people’s lives and cost the taxpayer millions,” the UK’s security minister Tom Tugendhat said Monday. “Sadly, we’ve seen an increase in attacks.”

The US, UK, and other allies previously had to turn to technical means to dismantle some of the most prolific cyber criminals. This includes a recent operation to take down the Qakbot network, which infected millions of computers with its malware. The allies have also imposed sanctions against the creators of another malware called Trickbot.

Other cyber threats

Ransomware is not the only cyber threat that can harm your digital data and device. Cybercriminals exploit human or security vulnerabilities to steal passwords, data, or money. The NCA has identified hacking, phishing, malicious software, and distributed denial of service (DDoS) attacks as the most common cyber threats.

As a high-net-worth individual, your digital data is essential and can be worth as much as your physical asset. The potential impacts of a cyber attack can be severe, ranging from financial losses to damage to one’s reputation and more.

You can deflect these threats by improving your “cyber hygiene.” This includes implementing multi-factor authentication, using strong passwords, and keeping all computers on your network up to date.

If you are unsure how to improve your security, you can always employ security agencies like Marengo. They will assess your digital assets, identify the devices and computers in the network, and implement a customised security plan. This way, you can enhance your protection and minimise exposure to cyber-attacks.