Ransomware attacks are only getting worse.
“In fact, 2024 is on track to be the worst year yet for ransomware, beating out 2023, which itself set that notorious record. Inflows of cryptocurrency to ransomware attackers rose 2% year-over-year in the first half of 2024 to $459.8 million, according to research published Thursday from Chainalysis, a crypto data analysis firm,” as noted by Barron’s.
Worse, 2024 just saw the worst ransomware attack on record, with a payment of about $75 million to clear up an issue.
Australian gold mining company, Evolution Mining was recently attacked.
According to its statement:
“Evolution Mining Limited) became aware on 8 August 2024 of a ransomware attack impacting its IT systems. The Company has been working with its external cyber forensic experts to investigate the incident. Based on work to date, the Company believes the incident is now contained. The incident has been proactively managed with a focus on protecting the health, safety and privacy of people, together with the Company’s systems and data.”
In the U.S., we just saw a ransomware attack on Charge Healthcare, which was considered to be “the most serious incident of its kind leveled against a U.S. health care organization,” as noted by American Hospital Association CEO Rick Pollack, as quoted by NBC News.
Unfortunately, with a lack of preparedness, situations like these could get worse.
And while you can always invest in individual cybersecurity names with this happening, you can gain better exposure with cybersecurity ETFs including:
Global X Cybersecurity ETF (BUG)
“The Global X Cybersecurity ETF (BUG) seeks to invest in companies that stand to potentially benefit from the increased adoption of cybersecurity technology, such as those whose principal business is in the development and management of security protocols preventing intrusion and attacks to systems, networks, applications, computers, and mobile devices,” says Global X.
iShares Cybersecurity and Tech ETF (IHAK)
According to iShares, “The iShares Cybersecurity and Tech ETF seeks to track the investment results of an index composed of developed and emerging market companies involved in cyber security and technology, including cyber security hardware, software, products, and services.”