OTEX Open Text Corporation

As cyberattacks grow more insidious, organizations are ramping up cybersecurity investments to defend essential services

WATERLOO, ON, Oct. 31, 2024 /CNW/ -- OpenText (NASDAQ: OTEX), (TSX: OTEX), has revealed its highly anticipated "Nastiest Malware of 2024" list, spotlighting the year's most notorious cyber threats. Now in its seventh year, OpenText's cybersecurity experts have identified the most relentless and adaptive malware trends impacting industries worldwide. This year, ransomware aimed at critical infrastructure takes center stage, highlighting an urgent call for reinforced security to protect vital services. In response, organizations are projected to increase their cybersecurity investments by 14.3% in 2024, reaching more than $215 billion.

Once again, ransomware group LockBit secures the #1 spot as the nastiest malware of the year. Known for its resilience and relentless pursuit of critical targets, LockBit has successfully dodged multiple law enforcement crackdowns. According to the FBI's 2023 2023 Internet Crime report, LockBit was reported in 175 attacks on critical infrastructure, underscoring its staying power and adaptability. The ongoing standoff between the FBI and LockBit shows the gritty persistence of today's ransomware market and its growing sophistication. For several months now, the battle for dominance between the FBI and LockBit has highlighted the persistence of the ransomware market and how as technology evolves these threats continually lurk in the shadows.    

"Ransomware attacks on critical infrastructure are on the rise, and cybercriminals are increasingly using artificial intelligence to develop highly personalized threats, which significantly endangers national security and public safety," said Muhi Majzoub, EVP and Chief Product Officer, OpenText. "However, the increased attention on ransomware and cybersecurity is encouraging, as more organizations are proactively prioritizing cybersecurity investments. This commitment highlights their dedication to safeguarding essential services from evolving threats." The 2024 list showcases how adaptive and innovative each ransomware is, but also how well these threats push boundaries. With their malicious capabilities and evasiveness, these cybercriminals continue to find new ways to surpass our darkest expectations.

2024's Nastiest Malware Hall of Infamy:

1. LockBit: This ransomware-as-a-service (RaaS) heavyweight leads the pack again, unfazed by FBI efforts to take it down. LockBit's aim? Target one million businesses before calling it quits, solidifying its spot as a top ransomware menace in 2024.
2. Akira: A fresh and ferocious entry, Akira brings a splash of '80s aesthetics to the dark web, quickly climbing the ranks with ruthless encryption tactics and swift deployment. It's especially active in healthcare, manufacturing, and finance, cementing itself as a go-to Ransomware-as-a-Service (RaaS) model for affiliates.
3. RansomHub: Rumored to be a descendant of the Black Cat (ALPHV) group, RansomHub burst onto the scene targeting high-profile organizations. After attacking Planned Parenthood, this group made headlines by stealing and ransoming sensitive patient data, threatening public exposure.
4. Dark Angels: Known for its laser-focused, high-impact attacks on top-tier targets, Dark Angels doesn't hold back. Using advanced infiltration methods, they've secured ransom payments as high as $75 million, leaving their mark on one of the year's biggest Fortune 50 attacks.
5. Redline: Not ransomware but still formidable, Redline Stealer specializes in stealing credentials and sensitive information with skillful evasion tactics, making it a persistent headache across various sectors.
6. Play Ransomware: Making waves with high-profile attacks, Play Ransomware is as versatile as it is relentless. From targeting public and private sectors to exploiting FortiOS vulnerabilities and RDP servers, this group keeps victims on their toes with ever-evolving techniques.

Want the full rundown? Visit the OpenText Cybersecurity Community, view the infographic, and join us for our "Nastiest Malware Webinar" to dive deeper into this year's findings and stay ahead of emerging threats!

About OpenText Cybersecurity
OpenText Cybersecurity provides comprehensive security solutions for companies and partners of all sizes. From prevention, detection and response to recovery, investigation and compliance, our unified/end-to-end platform helps customers build cyber resilience via a holistic security portfolio. Powered by actionable insights from our real-time and contextual threat intelligence, OpenText Cybersecurity customers benefit from high-efficacy products, compliant experience and simplified security to help manage business risk.

About OpenText
OpenText™ is the leading Information Management software and services company in the world.  We help organizations solve complex global problems with a comprehensive suite of Business Clouds, Business AI, and Business Technology.  For more information about OpenText (NASDAQ/TSX: OTEX), please visit us at www.opentext.com.

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Certain statements in this press release may contain words considered forward-looking statements or information under applicable securities laws. These statements are based on OpenText's current expectations, estimates, forecasts and projections about the operating environment, economies, and markets in which the company operates. These statements are subject to important assumptions, risks and uncertainties that are difficult to predict, and the actual outcome may be materially different. OpenText's assumptions, although considered reasonable by the company at the date of this press release, may prove to be inaccurate and consequently its actual results could differ materially from the expectations set out herein. For additional information with respect to risks and other factors which could occur, see OpenText's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other securities filings with the SEC and other securities regulators. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Unless otherwise required by applicable securities laws, OpenText disclaims any intention or obligations to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Further, readers should note that we may announce information using our website, press releases, securities law filings, public conference calls, webcasts and the social media channels identified on the Investors section of our website (https://investors.opentext.com). Such social media channels may include the Company's or our CEO's blog, Twitter account or LinkedIn account. The information posted through such channels may be material. Accordingly, readers should monitor such channels in addition to our other forms of communication.

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