May 11, 2017 by

Nearly 50% of Organizations are Victims of Ransomware Attacks

A new study has revealed that ransomware attacks targeting organizations continue to be one the rise, with 47% of organizations revealing that they have been victims of a ransomware attack over the past 12 months.

The study, by Barracuda Networks, also reveals that 92% of people surveyed are concerned about the threat of ransomware striking their organization.

“Ransomware is undeniably the most successful and profitable style of attack for cybercriminals,” the study stated. “It is estimated that last year alone, ransomware scams cost victims nearly $1 billion worldwide.”

Other interesting takeaways from the study reveal that 59% of those attacked were able to identify the source of the attacks. 76% of those who were able to do so, discovered that the ransomware struck through email.

“The impact of these attacks is far reaching. It’s not just your hard-earned money that is at risk, it’s also your reputation, viability, and jobs,” says Hatem Naguib, SVP and general manager security at Barracuda. “These impacts can be devastating, especially for a smaller business that may not have resources in place to quickly recover. On top of losing a company’s hard earned money, the downstream effects also impact the business.”

Intriguingly, 70% of respondents revealed that they felt popular software like Office 365 did not provide adequate protection against ransomware. Instead, companies are increasingly turning to third-party security solutions, with 60% of those surveyed admitting to using third party security software.

No organization is too small to be targeted and attacked, Naguib added. Smaller businesses are more susceptible to being targeted since they typically have fewer security resources to combat threats.

Educating employees to be wary of phishing and spear phishing campaigns is recommended, as is the practice of comprehensive data backups to recover files in the event of a ransomware attack.

Details of the survey can be found here.

Image credit: Pexels.

About the author

Image of Author

LIFARS is the global leader in Digital Forensics and Cyber Resiliency Services. Our experience spans two decades working on high profile events, often in concert with Law Enforcement Agencies around the world. Our proprietary methodology derives directly and indirectly from our experience working with and for U.S. Intelligence Agencies, Interpol, Europol, and NATO. We are solely dedicated to Cyber Resiliency and thus pay close attention to all aspects of our clients’ engagements experience while providing a strategic and integrated array of services to minimum risk and disruption while protecting your brand.

Related articles

Robots are Now Vulnerable to Ransomware Attacks

Security researchers have put the spotlight on malware affecting humanoid robots with the first...

Read more arrow_forward

Free Decryption Tool Brings Respite to Victims of Aggressive Ransomware

A new and unusual family of ransomware has met its match after a ransomware tool backed by Europol...

Read more arrow_forward

Ransomware is ‘Modern-Day Extortion’, Says McAfee CEO

The chief executive of cybersecurity firm McAfee has labelled ransomware as the modern day answer to...

Read more arrow_forward