The study found that data exfiltration has now overtaken file encryption as the primary method of extortion, with 74% of attacks involving theft of sensitive information. Multi-extortion techniques, including delayed release threats, are also on the rise. Bill Siegel, CEO of Coveware by Veeam, described the findings as a pivotal moment for ransomware, explaining that threat actors are no longer focused solely on disrupting backups or locking systems. Instead, they increasingly exploit people, organizational processes, and the reputational value of stolen data.
The report identified the leading ransomware variants for the quarter as Akira, responsible for 19% of incidents, followed by Qilin at 13% and Lone Wolf at 9%. Notably, Silent Ransom and Shiny Hunters entered the top five variants for the first time, reflecting the growing influence of newer threat groups. Among the most concerning trends was the heavy reliance on social engineering by groups such as Scattered Spider, Silent Ransom, and Shiny Hunters, who have shifted from broad, opportunistic attacks to precise impersonation schemes. By targeting help desks, employees, and third-party service providers, these actors have refined their ability to gain initial access and execute more lucrative attacks.
Exploitation of known vulnerabilities in widely used platforms including Ivanti, Fortinet, VMware, and Microsoft services remains a common entry point, often taking place immediately after public disclosure of security flaws. At the same time, “lone wolf” cybercriminals armed with generic, unbranded ransomware toolkits are increasing in number, allowing less sophisticated actors to successfully infiltrate enterprise systems. Insider risks and third-party vulnerabilities also rose during the quarter, particularly through business process outsourcing firms, contractors, and IT service providers. Researchers warned that these external partners often hold privileged credentials but lack direct oversight, making them an attractive avenue for attackers.
The professional services sector was hit hardest, accounting for 20% of all incidents, followed closely by healthcare and consumer services at 14% each. Mid-sized companies with between 11 and 1,000 employees represented 64% of victims, a range that attackers consider optimal for balancing ransom potential against weaker defenses. Before executing data theft or encryption, many attackers are spending additional time mapping networks, identifying high-value assets, and cataloging sensitive systems. This reconnaissance phase often blends in with normal administrative activity, using built-in system commands that are difficult to detect without contextual monitoring. Experts note, however, that detection can be improved by monitoring unusual enumeration activity or deploying deception techniques such as honeyfiles, decoy credentials, or fake infrastructure to trigger early alerts.
Siegel emphasized that organizations must now treat data exfiltration as an immediate and critical risk rather than a secondary concern. Strengthening identity controls, monitoring privileged accounts, and improving employee awareness against social engineering were highlighted as essential steps to counter evolving ransomware tactics. With attackers increasingly blending technical exploits and psychological manipulation, businesses face mounting pressure to adapt their defenses or risk becoming the next high-value target.
