Cyber Insurance Isn’t the Answer for Ransom Payments
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Ransomware remains an ongoing threat for organizations and is the largest single cause of IT outages and downtime as 41% of data is compromised during a cyberattack, according to Veeam. “Ransomware is endemic, impacting 3 out of 4 organizations in 2023. AI is now enabling the creation of smarter, more advanced security, but it’s also facilitating growth in the volume of sophistication of attacks,” said Dave Russell, SVP, Head of Strategy at Veeam. “Our report delivers a clear message: ransomware attacks will continue, be more severe than predicted, and the overall impact will cost organizations more than they expect. Organizations must take action to ensure cyber resiliency and acknowledge that rapid, clean recovery matters most,” added Russell. Cyberattacks naturally affect an organization’s financial stability, but just as significant is the toll it has on teams and individuals. When a cyberattack strikes, 45% of respondents reported heightened pressure on IT and security teams. Additionally, 26% experienced a loss of productivity, while 25% encountered disruptions to internal or customer-related services. The report shows that the human impact of cyberattacks cannot be overstated. 45% of surveyed individuals cited increased workload post-attack, while 40% reported heightened stress levels and other personal challenges that are difficult to mitigate on ‘normal’ days. These challenges, coupled with existing organizational struggles, further underscore the importance of effective cyber defense strategies. Despite increased focus on cyber-preparedness, organizations still face a misalignment between their backup and cyber teams. For the third consecutive year, 63% of organizations find their backup and cyber teams lacking synchronization. Adding to the misalignment challenges in organizations, 61% of security professionals and 75% of backup admins believe that the teams need either ‘significant improvement’ or that a complete system overhaul is required
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https://www.helpnetsecurity.com/2024/06/07/ransomware-attacks-impact-cost-on-organizations/
