Ransomware remains one of the most nefarious cyber threats that firms and organizations face worldwide. The reason for this spans multiple factors ranging from the financial impact of Ransomware to the loss of reputation/client confidence ensuing from Ransomware attacks. As firms adapt to existing Ransomware strains, variants, and TTPs, Ransomware groups also adapt to these measures and evolve to bypass them, ensuring that they are a primary cybersecurity threat to their intended victims 

This Ransomware Report thoroughly analyzes how Ransomware activity and operations have evolved over the last Quarter, Q4-2022. We also go into detail about the countries and industrial sectors most impacted by Ransomware attacks this quarter. We also cover the measures Ransomware groups took to enhance their capabilities, bypass security and detection measures, and how they make encrypted data difficult (or, in some cases, impossible) to recover.  
 
Finally, we also share our predictions for the evolution of Ransomware in the coming months as well as our recommendations on how to secure yourself and your business to avoid becoming a victim of these attacks. 

Key takeaways from our report include:

• United States (US) corporations continue to be the topmost targets of Ransomware groups
• The United Kingdom (UK) and France witnessed a steep increase in ransomware attacks over the last quarter
• The majority of high-income organizations were targeted in the Manufacturing, Energy & Utilities, and BFSI sectors
  The BFSI, Healthcare, and Education sectors faced a significantly higher volume of attacks in Q1-2023 as compared to Q4-2022
• LOCKBIT claimed a massive increase in attacks and remained the most active and perfidious ransomware group, undermining the cyber integrity of nearly 300 entities in Q1-2023 alone
• The emergence of new ransomware groups – Dark Power, DarkB!t, MortalKombat, Money Message, and Nevada in this quarter
• Indonesia and India emerged as the Asia & Oceania region's most targeted countries, replacing Australia and Taiwan