Report Identifies Hidden Costs, Challenges of Ransomware

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ExtraHop, a leading provider of cloud-native network detection and response (NDR) solutions, recently unveiled their third annual Global Cyber Confidence Index. Generally speaking, the report found that most organizations are struggling to manage and mitigate cyber risks, even as they face a growing number of ransomware attacks and incident-related downtime. Some key findings from the research includes:

  • 88 percent of IT and cybersecurity decision makers said they are confident in their organizations’ ability to manage cyber risk.
  • 22 percent of respondents deemed ransomware the biggest risk to their organization.
  • About half say they are still running at least one insecure network protocol that threat actors are known to exploit in ransomware attacks.
  • 58 percent said they experienced six or more ransomware incidents in 2023 (up 32 percent year-over-year).
  • 91 percent of those who experienced a ransomware attack paid up, compared to 83 percent in 2023 and 72 percent in 2022. On average, the research found ransomware payments alone cost nearly $2.5 million per organization in the last year.
  • Respondents said they averaged 56 hours of downtime following a security incident.
  • The cited barriers restricting effective cyber risk management included immature risk management processes (21 percent), the inability to catch up in a fast-paced industry (18 percent), a lack of alignment between the cybersecurity organization and the business (16 percent), outdated technology (15 percent), insufficient personnel resources (14 percent), and insufficient budgets (13 percent).
  • 38 percent feel using AI and machine learning to help manage and mitigate cyber risk is a top priority for their organization.

ExtraHop also provided Manufacturing.net with some manufacturing-specific data:

  • 58 percent of respondents in this sector experienced more than six ransomware incidents in the last year, and 40 percent experienced 10 or more. Of these repeat victims, 91 percent paid the ransom at least once, with 55 percent paying about half the time. Additionally, while 28 percent said they never paid in 2022, that number shrank to 17 percent last year. Furthermore, 63 percent said they paid between $500K –…

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