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Ransomware Threats Evolve: The Ongoing Battle for Data Recovery
Chris Swagler | October 17th, 2023
In today’s digital age, where data reigns supreme, ransomware threats have emerged as the biggest threat to organizations across the globe. According to a recent report jointly conducted by an enterprise strategy company and a cybersecurity company, 65% of organizations have identified ransomware as one of the top three threats to their viability. For 13% of these organizations, it is the biggest threat.
Evolving Ransomware Threats
Ransomware threats, often shrouded in secrecy, are far more common than one might think. They pose a dual challenge, serving as a significant and recurring source of business disruption. In a survey of 600 respondents, the report uncovered a chilling statistic: only 16% of organizations that fell victim to a successful ransomware attack could fully recover all their data post-attack. The remaining 84% suffered devastating data losses that they couldn’t reclaim.
This report delves into the strategies organizations employ to combat the rising menace of ransomware threats. It explores proactive and reactive measures taken to defend against these attacks, provides insights into mitigation best practices, and offers guidance on how organizations can better prepare themselves for the inevitable threats looming over the next 12 to 18 months.
One chief technology officer (CTO) of a cybersecurity company emphasizes the relentless nature of ransomware perpetrators. “Threat actors continue their attacks because it is a business model that works for them. A ransomware attack usually results in permanently lost data, even when companies meet the ransom demand.”
The report highlights another alarming trend – after paying the initial ransom, 85% of the companies surveyed experienced additional extortion attempts, with 57% yielding to the subsequent demands. This underlines the audacity and persistence of threat actors, pushing their targets into a corner and forcing them to pay to recover their data and restore normalcy.
The landscape of ransomware threats is evolving rapidly, with threat actors becoming bolder in their demands. This has left organizations with no option but to succumb to these demands to retrieve critical data and resume daily operations. Consequently, 80% of organizations anticipate increasing their spending on ransomware preparedness in the coming 12 to 18 months.
One practice director at an enterprise strategy company underscores the urgency of revamping ransomware preparedness strategies, particularly in data and system recoverability. He notes, “The results of this study are critical to understanding the key components of data recovery after a ransomware attack, and we hope that the report can serve as a resource for organizations as they work towards preparedness.”
The chief technology officer further emphasizes the harsh reality: “What this tells us is that no matter what a company does, fully recouping stolen data is highly unlikely. In other words, it doesn’t pay to pay.” Cloud data has become an attractive target for cybercriminals aiming to disrupt businesses. Consequently, organizations find themselves constantly increasing expenditures on ransomware preparedness. The report reveals that 74% of respondents are concerned that their backups could also fall victim to ransomware attacks.
To counteract the growing ransomware threats, organizations must adopt robust measures such as protecting cloud data and backup copies through immutable, blockchain-verified technology and encryption. Storing data in a separate, vendor-independent infrastructure can prevent the kinds of data loss that are increasingly commonplace. These proactive steps offer a tangible return on investment in preparedness, providing a glimmer of hope in the ongoing battle against ransomware threats.
At SpearTip, our remediation team works to restore companies’ operations, reclaim their networks by isolating malware, and recover business-critical assets. Our certified engineers will examine companies’ security posture to improve weak points in their networks and engage with their people, processes, and technology to measure the maturity of the technical environments. We provide technical roadmaps for all vulnerabilities uncovered, ensuring companies have the awareness and support to optimize their overall cybersecurity posture. By comparing technology and internal personnel, we discover blind spots in companies that could lead to significant compromises. We go beyond simple compliance frameworks and examine the day-to-day cyber function within companies. This leads to critical recommendations by exposing vulnerabilities in software and their people and processes.
If your company is experiencing a breach, call our Security Operations Centers at 833.997.7327 to speak directly with an engineer.
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