A new report out by Cybereason this week revealed some very interesting key elements on the state of ransomware attacks in the US and internationally.
Access Methods: Ransomware attackers utilizing various techniques for access including:
- supply chain (41%)
- direct access (24%)
- insider assistance (22%)
Second Attacks After Paying:
- Despite paying the ransom, many organizations face second attacks, with 76% of German and 71% of French organizations reporting repeat attacks
AI Turbocharging Ransomware Attacks:
- Generative AI tools like ChatGPT enable dynamic translation for localized attacks and automate personalized social engineering attacks, accelerating the trend of localized attacks
- AI also lowers the skills barrier, increasing automation in writing attacks, and offers tools like wormGPT for specific purposes
Cyber Insurance Efficacy and Pitfalls:
- 95% of organizations are enhancing resilience to ransomware attacks through cyber insurance
- However, many lack a clear understanding of their coverage, leading to unexpected payouts and incomplete protection.
- if there’s any evidence that your payment was used to fund terrorism or organized crime, you could find yourself facing criminal charges.
Geographical Targeting and Ransom Amounts:
- The US faces the highest ransom, with reported payments at $1.4 million
- Non-English language countries are increasingly targeted, with ransoms likely to rise as attackers gauge the value businesses place on avoiding disruption.
Troy Batterberry, CEO and Founder, EchoMark:
“So much effort in the cybersecurity industry has been applied to the well understood problem of better securing organizational assets from unauthorized access. However, ransomware attacks from insider assistance remains a big and growing problem. Over 90% of the world’s organizations are completely unprepared for the risks imposed by insiders. Furthermore, these threats are growing in frequency by nearly 50% each year, and the scope of the damage for single event is growing as well.
“Insiders already have access to an organization’s most valuable assets, including customer information, intellectual property, trade secrets, etc. Simply put, insiders inherently know what is valuable, and they can access it. Unfortunately, their theft or leakage can even become an ”extinction event” for an organization.”
This is a report that everyone should read as it will open your eyes to the true cost of ransomware. And ideally you should also figure out how it can apply to your situation so that you are adequately prepared.
New Report Shows The True Cost Of Ransomware
Posted in Commentary with tags Cybereason on February 24, 2024 by itnerdA new report out by Cybereason this week revealed some very interesting key elements on the state of ransomware attacks in the US and internationally.
Access Methods: Ransomware attackers utilizing various techniques for access including:
Second Attacks After Paying:
AI Turbocharging Ransomware Attacks:
Cyber Insurance Efficacy and Pitfalls:
Geographical Targeting and Ransom Amounts:
Troy Batterberry, CEO and Founder, EchoMark:
“So much effort in the cybersecurity industry has been applied to the well understood problem of better securing organizational assets from unauthorized access. However, ransomware attacks from insider assistance remains a big and growing problem. Over 90% of the world’s organizations are completely unprepared for the risks imposed by insiders. Furthermore, these threats are growing in frequency by nearly 50% each year, and the scope of the damage for single event is growing as well.
“Insiders already have access to an organization’s most valuable assets, including customer information, intellectual property, trade secrets, etc. Simply put, insiders inherently know what is valuable, and they can access it. Unfortunately, their theft or leakage can even become an ”extinction event” for an organization.”
This is a report that everyone should read as it will open your eyes to the true cost of ransomware. And ideally you should also figure out how it can apply to your situation so that you are adequately prepared.
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