Ransomware: The True Cost To Business

Uploaded on 2024-03-01 in TECHNOLOGY--Hackers, NEWS-Cybersecurity News, FREE TO VIEW

The leading cyber security firm Cybereason has announced the results of its third annual ransomware study, commissioned to better understand the true impact of ransomware to businesses. This global study reveals ransomware attacks are becoming more frequent, effective and sophisticated.

The Report Ransomware: The True Cost to Business 2024 reveals that of the organisations who opted to pay a ransom in return for their encrypted systems, only 47 percent received their data and solutions back uncorrupted.

Key Findings:

56 percent of organisations surveyed suffered more than one ransomware attack in the last 24 months.

It still ‘doesn’t pay to pay’ as almost 80 percent of organisations who paid the ransom were hit a second time.

82 percent were hit again within a year.

63 percent were asked to pay again

These findings emphasise why it does not pay to pay ransomware attackers, and organisations should instead focus on detection and prevention tactics to end ransomware attacks before material damage occurs.

Cybereason Global Field CISO Greg Day says this year’s research shows that, while most businesses have a ransomware strategy in place, many are incomplete. “They’re either missing a documented plan, or the right people to execute it. As a result, we see that many organisations are paying the ransom.... Likewise whilst many have cyber insurance, too many simply don’t know if, or to what degree it covers them for ransomware attacks. This is problematic on several levels. It’s no guarantee that attackers won’t sell your data on the black market, that you’ll even get your full files and systems back, or that you won’t be attacked again.”

Other Findings:

Attackers are evolving and the supply chain shows weakness - 56 percent didn’t detect a breach for 3-12 months, with 41 percent of the attackers getting in via a supply chain partner.

Attacker demands increase at every stage - 78 percent were breached a second time, with 63 percent being asked to pay more.

The true cost is staggering - 46 percent estimate total business losses of $1-10 million and 16 percent estimate total business losses of over $10 million. Not to mention the loss of revenue, brand damage and layoffs that followed.

Businesses don’t have the right tools - Less than half said their businesses are adequately prepared for the next attack. Whilst 87 percent of organisations increased spend, only 41 percent feel they have the right people and plans in place to manage the next attack.

Based on Cybereason's research and their unique capabilities threat protection, it seems clear that in the case of Ransom attacks, prevention is a whole let better than remediation.

Image: Andrea Piacquadio

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