OpenText Cybersecurity Unveils 2024's Nastiest Malware

PRESS RELEASE

WATERLOO, ON, Oct. 31, 2024 /PRNewswire/ -- 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: 

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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