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A survey recently released by experts from Palo Alto Networks shows that Brazil has the highest number of ransomware in the ranking of Latin American countries. According to 2022 Ransomware Threat Report of Unit 42, the threat research arm of the world leader in cybersecurity, there were 39 attacks in Brazil last year, followed by 23 in Mexico, 14 in Peru, 12 in Argentina and 10 in Chile.
“As ransomware attackers become more organized, this type of attack has become more targeted and sophisticated. If we take critical infrastructure companies or the financial services industry as an example, an attack can potentially impact the lives of millions of people, not only in terms of financial loss or loss of service, but also from a privacy standpoint if the customer information leaks online.”
Helmut Reisinger, CEO EMEA & LATAM, Palo Alto Networks.
How groups operate
Ransomware actors continue to evolve their tactics to ensure a high financial return on their scams. In addition to encrypting files and leaking snippets of information they steal from companies onto dark web sites to intimidate victims into paying ransoms, they also expose victims by publishing evidence of compromise and making threats. The report identified 2,566 victims posted on leak sites last year – an 85% increase from the year before.
The study also points to insights into the behavior of criminal groups and their impact on the industry. The main ransomware group operating in Latin America is Lockbit 2.0, made up of cybercriminals who started their activities in 2019 and in 2021 updated their ransomware program. The group was responsible for nearly 1 in 4 ransomware incidents (23%) in Latin America. In Brazil, they were responsible for 28% of attacks. Prometheus, another group identified in the report, was responsible for 19% of ransomware attacks in South America.
Although the targets are mainly companies and government agencies, ordinary users are also not free from having their machines infected after installing a malicious file. No company or industry is immune from attack. In Brazil, the most affected sectors include healthcare, financial services and the public sector.
Joint effort in the industry
For Reisinger, ransomware is more common than people think: “Ransomware attacks can happen in companies and organizations of all sizes, and it’s not a matter of if, but when, so being prepared and having the Correct cybersecurity is essential to combat these growing threats,” he explains.
He further adds that it is important that, like any other threat, cybersecurity is taken seriously by everyone. “These attacks will continue to evolve and grow, affecting businesses and citizens around the world, so it is critical that governments, businesses and citizens work together to combat these attacks. At Palo Alto Networks, we play a key role in partnering with Brazilian companies to combat these criminal threats,” adds Helmut.
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