More than three fourth feel prepared yet 50% still fall victim to ransomware attacks
Source: Asia Insurance Review | Jun 2023
The global threat of ransomware remains at peak levels, with half of organisations across all sizes, regions and industries falling victim in 2022 according to the new edition of 2023 Global Ransomware Report released by the cyber security company Fortinet. The new report that explores cyber security leaders’ perspectives on ransomware, particularly how it impacted their organisations in the last year, and their strategies to mitigate an attack.
The research also reveals there was a large disconnect between respondents’ level of preparedness with existing strategies and their ability to stop a ransomware attack. Although 78% of organisations stated they were ‘very’ or ‘extremely’ prepared to mitigate an attack, the survey found 50% fell victim to ransomware, and almost half were targeted two or more times in 2022.
Specifically, four out of the five top challenges to stopping ransomware were people or process related. The second largest challenge was a lack of clarity on how to secure against the threat as a result of a lack of user awareness and training, and no clear chain-of-command strategy to deal with attacks.
The survey also found that despite most (72%) detecting an incident within hours, and sometimes minutes, the percentage of organisations paying ransoms remains high, with almost three-quarters of respondents making some form of ransom payment.
The survey was conducted among 569 cyber security leaders from 31 different locations around the world, including the US, the UK, France, India and Japan, among others. A