Subj : Businesses are getting much better at dealing with ransomware att
To   : All
From : TechnologyDaily
Date : Tue Apr 25 2023 10:15:03

Businesses are getting much better at dealing with ransomware attacks

Date:
Tue, 25 Apr 2023 09:10:07 +0000

Description:
The number of successful ransomware attacks remains high, with firms still 
meeting demands.

FULL STORY
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Businesses are under the impression theyre getting better at detecting, 
stopping, and mitigating ransomware incidents. However, the number of 
successful attacks is still high, as is the number of businesses that ended 
up paying the ransom demand, new research has warned. 

The 2023 global ransomware report, published by Fortinet, which surveyed 569 
cybersecurity leaders from the US, UK, France, India, Japan, and other 
countries, working in manufacturing, technology, transportation, and 
healthcare, found a vast majority (78%) being very or extremely prepared to 
mitigate a ransomware attack. 

Many firms (72%) also said they would be capable of detecting an incident 
within hours - sometimes within minutes. Peak levels 

But the report also says that the global threat of ransomware remains at peak 
levels. Half of the organizations of all sizes, in all regions, and in 
numerous industries, fell victim last year. In fact, almost half were 
targeted two or more times. Almost three-quarters made some form of ransom 
payment, it was said. 

Firms in the manufacturing sector received higher ransoms and were more 
likely to pay the fee, the survey found. A quarter of attacks among 
manufacturing organizations received a ransom of $1M or higher. 

For the surveys respondents, the top challenges to stopping such an attack 
were related either to people, or processes. Many organizations were said to 
be lacking clarity on how to secure against such a threat, despite being in 
the know of a range of technologies designed for that purpose. Most firms are 
prioritizing an integrated approach to security, the report said. Read more 

> Many CISOs are drowning in security debt 


 > The explosion of digital identities and growth of cybersecurity debt 


 > These are the best firewalls today 

Next year, most firms will increase their security budgets, and will focus on 
things like Artificial Intelligence (AI) and Machine Learning (ML) 
technologies. These promise faster detection times, centralized monitoring 
tools to speed up response times, and better preparation of both people, and 
processes. 

Cyber-insurance also plays a major role, but so far it doesnt have much to 
show for itself. While almost all firms (88%) purchased some type of 
insurance, almost 40% didnt receive the coverage they expected. In some 
cases, they werent paid out at all - because of an exception from the 
insurer. Check out our list of the best malware removal software around



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Link to news story:
https://www.techradar.com/news/businesses-are-getting-much-better-at-dealing-w
ith-ransomware-attacks


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