<ul><li>The 2023 Ransomware Task Force (RTF) reported a 73% increase in ransomware attacks from 2022 to 2023, with high-value organizations being targeted.</li><li>Ransomware groups like CL0P and LockBit remained dominant in 2023, with the Ransomware-as-a-Service (RaaS) model proving lucrative.</li><li>Ransomware attacks remain frequent in 2024, although the frequency has declined from the 2023 summer peak.</li><li>The recommendation to businesses is to form a pricing cartel, underwritten by insurers, to reduce ransom prices and increase negotiation control.</li></ul>

PinnacleOne ExecBrief | Financially-Motivated Threats

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