Since the digital space is growing, cybercriminals have shifted to exploit the use of collaboration tools such as Microsoft Teams. Impersonation is now used with operandi by the infamous Black Basta ransomware gang as a means of successfully breaching networks and encrypting key files, a worrying trend. Studies show that businesses, more than ever, must be very cautious and invest in strong security measures. Let’s see what is happening in the Cyber security world.
What is Black Basta Ransomware?
A ransomware gang gaining worldwide attention lately is Black Basta, which has been hacking businesses up for ransom, with the ransom being so large that the parties don’t often (or ever) pay it. Its latest approaches include acting as IT support on Microsoft Teams, prompting workers to hand over access or download malicious software.
How the Attack Works
External Entry: Credentials are either stolen or obtained via phishing sites and system vulnerabilities.
Impersonation: They use fake profiles that pretend to be IT folks on collaboration platforms like MS Teams.
Execution: The attackers get employees to click on malicious links or install malware for the ransomware to run.
Key Cybersecurity Statistics for 2024
Inflation of Cybercrime Expenses: We estimate damages from cybercrime will hit the $10.5 trillion per year mark by 2025, outpacing most national economies. (Source: Cybersecurity Ventures)
Ransomware Statistics: By 2031, ransomware will do $265 billion in annual damage each year and double in attack frequency. (Source: Cybersecurity Ventures)
Talent Shortage in the Cybersecurity Industry: By 2024, we will have 3.5 million unfilled positions short in the cybersecurity industry around the world. (Source: Cybersecurity Workforce Report, (ISC)²)
Impact on Businesses: In 2023, 76 per cent of organisations were hit with ransomware, up from 68 per cent in 2022. (Source: Ransomware Report 2023 Sophos)
Risks in Digital Transformation: In 2025, an estimated 200 zettabytes of data will need to be protected. The challenges of securing digital assets are now becoming a major concern for organisations worldwide. (Source: Cybersecurity Ventures)
Why Cybersecurity is Critical in 2024
Increased Digital Dependency: Remote work, e-commerce, and cloud adoption have increased attack surfaces and have made businesses extremely vulnerable to cyberattacks.
The sophistication of Threats: Cybercrime tools with AI now allow sophisticated scammers to make believable scams aimed at weak links in organisations.
Regulatory Compliance: As GDPR, CCPA, and PCI-DSS have become stricter and more demanding, companies need to adopt more sophisticated cybersecurity measures or face dramatic penalties.
Financial and Reputational Costs: With that said, on average, in 2023, we can expect the cost of a ransomware attack of $4.35 million, minus the indirect damages (such as reputational damage). Source: IBM Cost of a Data Breach Report 2023.
How to Protect Your Organisation
Employee Training: Phishing scams and social engineering tactics to which they’ve been training regularly.
Multi-Factor Authentication: If credentials are compromised, they can enhance security to prevent unauthorised access.
Verification of Requests: Make sure to validate IT support requests via official channels; otherwise, impersonation attacks are always possible.
Cybersecurity Tool: Secure the network and invest in endpoint protection, firewalls and intrusion detection systems.
Incident Response Plan: Be ready to respond quickly and clearly to cyberattack damage.
Conclusion
It’s one of the most dangerous threats of ransomware and gangs like Black Basta, which highlights the importance of having strong Cybersecurity. Avoiding these growing threats means investing in security tools before they hit, employee training and incident preparedness. With cybercriminals on the prowl, exploiting vulnerabilities both in the technology itself and in human behaviour, businesses need to consider cyber security as a fundamental part of their business. If you invest today in Cybersecurity knowledge, you ensure your tomorrow’s safety. Relevant Cybersecurity courses from the London School of Emerging Technology (LSET) will be really effective and will equip you with actual world skills to combat threats like Black Basta ransomware.