Ransomware activity increases: Travelers Cyber Threat Report

Enjoy complimentary access to top ideas and insights — selected by our editors.

Ransomware activity continues to increase as new ransomware groups emerge, according to The Travelers Companies Q4 2024 Cyber Threat Report. 

There were 55 new ransomware groups in 2024, a 67% increase from 2023, according to the report. The fourth quarter of 2024 had the highest level of ransomware activity to date with 1,663 known victims posted on leak sites, according to threat intelligence research conducted by Travelers. 

There has also been a shift toward more repeatable attack methods like using virtual private network accounts with weak credentials and no multifactor authentication (MFA).

Jason Rebholz, vice president and cyber risk officer at Travelers, said in a statement: 

"Based on our observations, it's clear that basic attack techniques are still highly effective for ransomware groups. These groups have been on the offensive, proactively hunting for targets and having significant success. It's vital that businesses implement proven security controls, such as MFA, to make it far more challenging for malicious actors to carry out an attack on their organization."

IT services, construction and consulting firms were more targeted, according to the report. Hospitals and healthcare organizations continued to experience threats. 

Previous versions of this report were released by Corvus, a cyber insurance managing general underwriter, which was acquired by Travelers in 2024.