56% of organizations have experienced ransomware attacks

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Sophos, which specializes in next-generation cybersecurity solutions, has published its dedicated annual study and review of real-world ransomware experiences in the State of Ransomware 2022 report.

The report shows that 56% of surveyed institutions in the Kingdom were exposed to ransomware attacks in 2021, up from 17% in 2020. The report summarizes the impact of ransomware on 5,600 medium-sized organizations in 31 countries in Europe, the Americas, Asia Pacific and Central Asia, the Middle East and Africa.

Commenting on the matter, Chester Wisniewski, senior researcher at Sophos, said: “The study shows that the number of victims of ransom attacks continues to increase around the world, even when they may have other options. This is due to a number of issues. reasons, including incomplete backups, or a desire to prevent stolen data from going public or going public.Following such attacks, victims are under severe pressure to recover data and get back to work as quickly as possible, so it may be difficult to restore encrypted data using backups, which takes a lot of time and effort This makes paying the ransom an attractive option due to its speed. But it’s still a risky option, as organizations won’t know what they already have attackers in terms of copying passwords, creating holes, etc. If organizations do not completely clean up the recovered data, they can they had to keep malicious material in its network, so it is at risk of a repeat attack. “

Ransomware attacks can have a significant impact: The average cost of data recovery in the most recent ransomware attacks in 2021 was $ 650 trillion, while it took an average of half a month to recover from the damage and effects of disruptions. ‘activities. 86% of organizations said the attacks affected their ability to operate, while 83% of the victims reported losing their business and / or income as a result of the attack.

Many organizations rely on cyber insurance to help recover from ransomware attacks: 80% of average organizations have cyber insurance for the ransomware, and the insurer paid some or all of the cost of the attack in 96% of cases.

93% of organizations that own cyber insurance said their experience has changed over the past 12 months as requirements for cybersecurity measures have risen, become more complex, or the cost of an insurance policy has increased. while the number of institutions providing insurance coverage for those accidents have decreased.

“The findings suggest that we may have reached the pinnacle of the evolution of ransomware attacks, where the greed of attackers and the desire for higher ransom payments collide with a robust cyber insurance market and insurers are constantly trying to reduce. the risk and opportunity of such attacks, “added Wiznevsky. Ransomware is always easier to execute with almost anything there is to offer, and many cyber insurance providers have covered a wide range of ransomware recovery costs, including the ransom amount itself, which contributed to the claims. high. The results indicate that cybersecurity is more robust than before, and future victims of these attacks may be less able or willing to pay huge ransoms. Unfortunately, this may not reduce the risk of ransomware attacks in general, as these attacks are easy to implement. Relatively speaking, any proceeds will be a profit for the cybercriminals who continue their attempts anyway. “

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