3rd Party Risk Management , Business Continuity Management / Disaster Recovery , Cybercrime

2022 Verizon Breach Report: Alarming Rise in Ransomware

Chris Novak of Verizon Business Group on Latest Breach Investigations Report
Chris Novak, global director of the Threat Research Advisory Center at Verizon Business Group

The 15th edition of the annual Data Breach Investigations Report, published by Verizon on May 24, sheds light on the impact of common forms of cyberattacks on the international security landscape. The data analyzed in the report has been gathered from law enforcement agencies, forensics and law firms, Computer Emergency Response Teams, Information Sharing and Analysis Centers, and government agencies of several countries.

See Also: The Cost of Underpreparedness to Your Business

Hours before the launch of the report, Chris Novak, global director of the Threat Research Advisory Center at Verizon Business Group, shared with Information Security Media Group its key findings, including the alarming rise in ransomware attacks (see: 13% Spike in Ransomware Is Biggest in 5 Years).

"One of the big things that really kind of jumps off the page for us is the tremendous increase in ransomware attacks. We saw that there was almost a 13% increase in ransomware attacks, which is actually bigger than the last five years combined," Novak says.

He says the biggest driving factor for breaches continues to be financial motivation. "They [victim organizations] pay well, and they pay quickly. And it almost incentivizes them [threat actors] to conduct these kinds of attacks more often. The ransom demands have increased since the early days of ransomware events," he says.

In this video interview, Novak also discusses:

  • Factors behind the increase in ransomware attacks;
  • The changing threat landscape and new attack vectors;
  • The human component of breaches.

Novak has been part of the information security community for more than 20 years. Over the past decade, he has provided cyber risk guidance on a multitude of corporate acquisitions totaling more than $6 billion and offered perspectives on public policy through briefings to U.S. congressional committees, such as Senate Banking, House Financial Services, House Homeland Security, Senate Homeland Security and others.

About the Author

Brian Pereira

Brian Pereira

Sr. Director - Editorial, ISMG

Pereira has nearly three decades of journalism experience. He is the former editor of CHIP, InformationWeek and CISO MAG. He has also written for The Times of India and The Indian Express.

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