Cybersecurity insiders, along with many of their security partners, recently conducted an in-depth study to gather insights on the latest ransomware trends. The report shows that organizations are overwhelmed by frequent, severe ransomware attacks – which have now become the number one cyber threat to organizations.
Ransomware attacks, in which hackers encrypt an organization’s critical data until a ransom is paid, have become a billion-dollar industry according to the FBI. Ransomware is an extremely easy and profitable attack for hackers to conduct. This type of attack can be very costly for organizations. Many will just pay the ransom to retrieve their data back. Even if you don’t, the cost of downtime, remediation, and restoring can be hurtful to an organization’s bottom line.
The key findings of the report are as follow:
Ransomware is the fastest growing security threat
The report has stated that ransomware is perceived as an extreme threat to organizations. 75% of the respondents experienced up to 5 attacks in the last year alone – 25% experienced 6 attacks or more. These statistics show that every organization is at risk of a ransomware attack. These attacks are costly to an organization’s bottom line. Some believe that it is better to pay the ransom to minimize downtime and remediation costs. This is not true though because hackers will not always release the data after the ransom is paid. What would you do then? The good news is that very little of the respondents said that they would pay or negotiate with cyber criminals.
Email and web use represent the most common ransomware infection vectors
The most common ransomware infection vectors are with employees opening malicious email attachments (73%), responding to a phishing email (54%) or visiting a compromised website (28%). As one could imagine, the most sought-after data is either financial data or customer information. These attacks can be minimized with a few different tactics from security professionals: endpoint, web and email security monitoring and intrusion detection systems can help minimize the threat of ransomware.
Preventing and Recovering from a Ransomware Attack
The study stated that user awareness training is the most effective tactic to prevent and block ransomware, following by endpoint security solutions and patching of operating systems. Many organizations have fallen victims of ransomware attacks due to inadequate patch management solutions. Patch management is often overlooked because it is time-consuming and tedious. Organizations won’t have the team available to quickly test the patch or implement in a timely fashion.
When you do fall victim of a ransomware attack, how do you get your systems back up and running with minimal downtime? Having a modern and efficient backup and recovery solution in place can make sure that you don’t feel the effects of a ransomware attack for too long. If you are partnering with a provider for backup and recovery, they will have an incident response team in place that will get your critical systems back up to minimize loss of productivity and cost.
Speed of recovery is mission-critical
How confident are you that your organization can fully recover after ransomware encrypts your data? More than half, 56%, of the participating organizations said they are lacking the confidence in their ability to remediate after an attack. Only, 16% were extremely confident that they could fully recover. Speed of recovery is absolutely critical as business cost increases dramatically with every hour the business cannot fully operate. According to the study, 54% said they could recover from a ransomware attack within a day, while 39% estimated it will take longer than a day to a few weeks to recover. With the average cost of a data breach spiking over $7 million, can your organization afford to not properly secure from ransomware attacks?
While budget for ransomware increases, there are still many obstacles
While the budget for ransomware defenses are projected to increase for the following year, there are still many obstacles that organizations are facing. The three most common obstacles to achieve a better security posture are: lack of budget, struggling to deal with evolving sophistication, and a lack of human resources.
Many organizations are battling these ransomware obstacles by turning to a MSSP (managed security services provider). While some organizations can handle security in-house, it can often be by implementing multiple pinpoint solutions that can cause confusion, expense, and a lack of collaborative security information. When you work with a MSSP, they can offer a multi-layered defense approach to make sure that you are covering preventative, detection and incident response in a single service. Receive real-time threat analysis from the best experts in the industry, 24/7/365. Are you prepared for the next ransomware attack? Contact us today!
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