Cybereason is the global leader in future-ready attack security. Today, they released research results from a global ransomware survey of almost 1,300 security professionals. It revealed that more than half of all organizations were victims of ransomware attacks and that 80 percent of those who paid the ransom demanded suffered another ransomware attack. This was often done by the same threat actor group.
The report Ransomware – The True Cost to Businesses also revealed that 46 percent of organizations that paid ransom to unlock their encrypted systems reported that they had lost some or all of their data. These results highlight why it is not worth paying ransomware attackers. Organizations should concentrate on early detection and prevention strategies for ransomware attacks to stop them from affecting critical systems.
The research revealed the following key findings:
–Loss in Business Revenue: 66% of companies reported significant revenue loss after a ransomware attack.
Ransom Demands are increasing: 35% of ransom-paying businesses paid between $350,000 and $1.4 Million, while 7% paid ransoms above $1.4 million.
Brand and Reputation Damage: 53% of companies indicated that they suffered reputation and brand damage from a successful attack.
Ransomware Attacks Caused the Loss of C-Level Talent: 32% of companies reported that they had lost C-Level talent.
Employee Layoffs: 29% of employees reported that they were forced to terminate their employment due to financial pressures after a ransomware attack.
–Business Closures – A staggering 26 percent of companies reported that ransomware attacks forced them to close down their business.
The report also includes key findings such as the extent to which cyber insurance may cover losses to a business, how prepared organizations can be to address ransomware threats for the business in terms of adequate security policies, staffing, or more detailed information about the impact on ransomware attacks by industry vertical, region, and company size. The report also provides useful data about the security solutions that organizations had in place before an attack and which ones were used most frequently after an attack.
Ransomware attacks pose a serious threat to organizations around the world. They can cause major business disruptions, including income loss and the loss of valuable human resources. The recent ransomware attack on Colonial Pipeline caused disruptions along the East Coast of the United States, which negatively impacted other businesses that depend on Colonial’s operations,” stated Lior Div, Chief Executive Officer and co-founder of Cybereason.
Ransom demands are not guaranteed to result in a successful recovery. They also do not stop attackers from attacking the victim organization again. In the end, it only encourages more attacks. Organizations can stop disruptive ransomware from infecting their business by adopting a prevention first strategy to detect it early.
Cybereason is committed to working with security professionals to stop ransomware attacks at the endpoint. Find out more about ransomware defense and request a demo today, to see how your company can benefit from operation-centric approach security.
Methodology for Surveys
Censuswide researched Cybereason in April 2021. The survey was completed by 1,263 cybersecurity professionals, with participants coming from all over the world, including the United States, United Kingdom of Spain, Germany, and France. The research covered major industry verticals such as Technology, Manufacturing and Financial Services, Automotive, Healthcare, Legal, and Government.