Ransomware continues to rise, that’s why you should make backups

Attacks on companies are the order of the day. Without a doubt, they are a major source of income for cybercriminals. One of the most used is ransomware attacks where victims’ files are encrypted. Then, the cybercriminal, in order to obtain benefits, will ask for a ransom so that they can recover their files. This is going to mean downtime and lost business for the company. In this article we will see how ransomware attacks are increasing, but companies recover quickly from this type of attack.

In a Cymulate report, he found that ransomware attacks are on the rise but overall businesses suffered limited damage in both severity and duration. The research was carried out through a survey of almost 900 professionals from 14 different sectors around the world. In that regard, the majority of survey participants said they took proactive steps to prevent ransomware attacks before they could do significant damage to their organization. Most of them did so before it could cause a major shutdown.

The study highlighted that only 14% of the companies that suffered a ransomware attack were inactive for a week or more. Regarding the size of the companies, there was little difference and affected both large and small companies. You may be interested in learning about the tools used in a ransomware attack.

Ransomware attacks on the rise

It is noted that ransomware attacks are on the rise, and that organizations are more concerned about the issue and that there is a greater awareness of the problem. A) Yes, more than a half, has been previously attacked by ransomware or not, you don’t feel confident that you can defend yourself against a ransomware attack. Also 70% reported heightened awareness of ransomware threats at the boardroom and business management level.

In terms of the frequency of attacks, the highest is in the Asia-Pacific area, followed by Latin America, Africa and North America. In addition, the organizations regardless of their size they have one 1 in 4 chance of being attacked by ransomware. Regarding the companies that have been attacked, they are increasing their security budget (64%) and personnel (58%) than those that have not been attacked before. On the other hand, non-attacked organizations continue to allocate more security budget with 55% and personnel with 37%.

A positive fact is that the Most companies are creating new or modified incident response plans with 43% in companies that have been victims and 46% in those that have not.

In addition to the fact that ransomware attacks are on the rise, other interesting data was obtained in the investigation:

  • Poor password management is a major attack vector.
  • Traditional security procedures/purchases added because of ransomware.
  • Multi-factor authentication (MFA) in non-victims has increased by 34% and EDR in victims by 30%.
  • 39% more endpoint detection and response (EDR).
  • 82% of those interviewed are choosing offensive cybersecurity solutions.

How Ransomware Affects Businesses

One thing is clear, ransomware attacks are on the rise, and almost 30% of companies were affected by it in the last few years. Thus, more than 20% of small companies experienced a ransomware attack, in medium-sized companies it was almost 30% and 23% in large ones. In relation to these attacks, nearly 20% of respondents experienced significant damage and business or production interruption. Also 26% commented that the damage was relegated to a few systems. Also be aware that you should not pay a ransomware ransom.

According to Eyal Wachsman, CEO of Cymulate says that although ransomware attacks are on the rise, we have also learned lessons and we can prevent attacks and recover much faster than before. Finally, he added that companies must remain vigilant as ransomware continues to attack all sectors, and that security teams must ensure that current controls are effective to prevent further damage.

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