According to a study by Sophos, a global leader in network and endpoint security, ransomware continues to be a major issue across the globe with 54 percent of organizations surveyed hit in the last year and a further 31 percent expecting to be victims of an attack in the future. On average, respondents impacted by ransomware were struck twice. The survey also concludes that despite the intensity and magnitude of attacks, Indian businesses are still not prepared to defend itself against determined attackers.
“Today’s persistent cybercriminals are deploying multiple attack methods to succeed, whether using a mix of ransomware in a single campaign, taking advantage of a remote access opportunity, infecting a server, or disabling security software. If IT managers are unable to thoroughly clean ransomware and other threats from their systems after attacks, they could be vulnerable to reinfection. No one can afford to be complacent,” points out Sunil Sharma, Managing Director Sales at Sophos India & SAARC.
According to those impacted by ransomware last year, the median total cost of a ransomware attack was $133,000. Indian organizations median total cost stood at $1.17mn, the highest, in rectifying the impacts of ransomware. This extends beyond any ransom demanded and includes downtime, manpower, device cost, network cost, and lost opportunities.
Although 94 percent of respondents admitted their endpoint defenses need to be stronger to block the attacks seen last year, only 34 percent have predictive threat technologies, leaving 66 percent vulnerable to repeated ransomware attacks, exploits, and evolving advanced threats. Sixty three percent plan to implement predictive threat technology within a year, yet confusion about it persists. Of those surveyed, 37 percent admitted that they do not have a full understanding of the differences between machine learning and deep learning.
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