Combatting Ransomware Attacks 2021

Ransomware attacks are the fastest growing form of cyberattack worldwide. With a 500% rise in ransomware attacks against industrial entities between 2018 and 2020, power grid cybersecurity leads have their work cut out getting on top of this ever changing, highly disruptive and hugely costly form of attack. The availability of more advanced encryption technologies, the rise in the value of cryptocurrency, the explosion of Ransomware-as-a-Service offerings on the dark web, and the sudden expansion of the victim pool through WFH and BYOD trends, has made ransomware attacks the go-to exploit for semi-skilled cybercriminals looking to maximise their ROI. As cybercriminals shift their attention away from low value ‘spray and pray’ targeting methods to higher value ‘big game hunting’ approaches, power grid cybersecurity and engineering teams must prepare now to fight a more ferocious and frequent cyber battle in the year ahead.