Rewterz Threat Update – Middle East and Africa Targeted in Wave of Cyberattacks Due to Surge in Ransomware-as-a-Service Model

Severity

High

Analysis Summary

The Middle East and Africa (MEA) region is experiencing a significant surge in ransomware attacks, driven primarily by the ransomware-as-a-service (RaaS) model. Affiliates of ransomware developers are increasingly targeting organizations across various sectors, with financial services being the most affected at 13% followed by real estate and manufacturing sectors.

The number of victim companies whose information appeared on ransomware data leak sites has increased by 68% compared to the previous year, highlighting the growing threat landscape in the region. Ransomware attacks in the MEA region often involve the threat of public release of confidential files, adding a severe reputational risk to financial demands. Less mature security controls and expertise in many organizations across the region make them particularly vulnerable to such attacks. The ransomware-as-a-service business model attracts less skilled cybercriminals, amplifying the overall threat and making it challenging for organizations to defend against these sophisticated attacks.

Geographically, countries like Turkey and the Gulf region have been among the top targeted locations for ransomware attacks in the MEA region. The cultural sensitivity to public shaming by ransomware actors in nations such as Qatar, UAE, Saudi Arabia, South Africa, and Turkey often influences victim organizations’ decisions to pay ransom demands to avoid public exposure and reputational damage.

State-sponsored ransomware threats and geopolitical conflicts further compound cybersecurity vulnerabilities in the region. Governments and businesses are urged to prioritize cybersecurity measures and collaborate with cybersecurity vendors and law enforcement agencies to strengthen overall security benchmarks and combat cyber threats effectively.

As the digital transformation landscape expands in the MEA region, cybercriminals find greater opportunities to exploit vulnerabilities and launch ransomware attacks. Organizations must invest in proactive preventive measures, robust cybersecurity strategies, and ongoing cybersecurity awareness programs to protect against ransomware threats and safeguard critical assets. Breaking the economic cycle of ransomware gains requires a concerted effort from both public and private sectors, emphasizing the importance of collaborative cybersecurity initiatives and information sharing to mitigate cyber risks effectively in the MEA region.

Impact

• Financial Loss
• File Encryption
• Sensitive Information Theft
• Reputational Damage

Remediation

• Maintain cyber hygiene by updating your anti-virus software and implementing a patch management lifecycle.
• Maintain Offline Backups – In a ransomware attack, the adversary will often delete or encrypt backups if they have access to them. That’s why it’s important to keep offline (preferably off-site), encrypted backups of data and test them regularly.
• Never trust or open links and attachments received from unknown sources/senders.
• Enable antivirus and anti-malware software and update signature definitions promptly. Using multi-layered protection is necessary to secure vulnerable assets
• Keep operating systems, applications, and security software up to date with the latest patches.
• Apply security updates promptly to mitigate vulnerabilities that ransomware might exploit.
• Train employees on recognizing phishing emails and social engineering tactics.
• Encourage a culture of security awareness to prevent users from inadvertently downloading or executing malicious files.
• Deploy endpoint security solutions that include anti-malware, anti-ransomware, and behavior-based detection.
• Implement network segmentation to isolate critical systems and data from potential ransomware spread.
• Restrict lateral movement of threats within the network.
• Enforce the principle of least privilege to limit users’ access to only the resources they need.
• Regularly review and update access controls to prevent unauthorized access to critical data.
• Test backup restoration procedures to ensure data can be recovered in case of an attack.
• Use intrusion detection and prevention systems to monitor network traffic for signs of suspicious activities.
• Develop a comprehensive incident response plan that outlines steps to take in case of a ransomware attack.