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Over 80% of CyberRisk Alliance Buyers’ Intelligence Research Respondents Expect Ransomware Threats in 2024

Published on
June 3, 2024

New York, NY, June 3, 2024 – CyberRisk Alliance’s latest Cybersecurity Buyer IntelligenceResearch report focuses on the evolving landscape of ransomware threats andeffective response strategies. Underwrittenby eSentire, Inc., and titled, "Multi-layered defense essential inguarding against ransomware attacks," this comprehensive study sheds lighton the current state of ransomware threats and the critical importance of amulti-layered cybersecurity approach.

"Ransomware continues to be one of the most formidable threats facing organizations today. Our latest research underscores the critical need for a multi-layered defense strategy,” said Bill Brenner, SVP of content strategy at CyberRisk Alliance. “What stands out in this report is the resilience of organizations that have adopted comprehensive cybersecurity measures. By combining robust data backup systems, advanced threat detection, and regular employee training, these organizations are not only recovering more quickly but also mitigating the overall impact of ransomware attacks.  

“As cybercriminals become more sophisticated, particularly with the use of AI, it's imperative that businesses stay ahead by continually evolving their defense strategies,” Brenner added. “This report is a call to action for the cybersecurity community to reinforce their defenses and prepare for the increasingly complex threat landscape."

Key Findings from the report include:

  • Prevalence of Ransomware Attacks: Nearly half of all surveyed organizations have been targeted or victimized by ransomware in the past two years. Phishing remains the dominant entry point for these attacks, emphasizing the need for robust employee training and vigilance.
  • Effective Recovery Strategies: Among those surveyed who were impacted by ransomware, 67% were able to recover their data from backups, demonstrating the importance of maintaining secure and up-to-date backup systems. Most organizations achieved full recovery within one to three weeks, with only 15% resorting to paying the ransom.
  • Impact on Organizations: The most significant impact of ransomware attacks was workflow disruption, followed by financial and reputational losses. These findings highlight the far-reaching consequences of cybersecurity breaches.
  • Preparedness and Future Outlook: Despite significant efforts to enhance cybersecurity measures, over 80% of respondents expect to be targeted by ransomware in 2024. Further, two-thirds have ransomware insurance, and nearly half adhere to a "do not pay" policy, reflecting a proactive stance against cybercriminals.
  • Growing Role of Artificial Intelligence in RefiningRansomware Attacks: Over one-third of respondents believe AI presents ahigh or very high risk of a ransomware attack in the coming year, a clear callfor organizations to stay ahead of emerging threats.

The findings underline the importance of having a comprehensive incident response plan, utilizing advanced threat detection and response systems, and continuously monitoring for unusual network activity.

Additionally, the report highlights concerns about the growing role of artificial intelligence in refining ransomware attacks. Over one-third of respondents believe AI presents a high or very high risk of a ransomware attack in the coming year, a clear call for organizations to stay ahead of emerging threats.

For more information and to access the full report, please visit https://www.scmagazine.com/whitepaper/multi-layered-defense-essential-in-guarding-against-ransomware-attacks.  

About CyberRisk Alliance

CyberRisk Alliance provides business intelligence that helps the cybersecurity ecosystem connect, share knowledge, accelerate careers, and make smarter and faster decisions. Through our trusted information brands, network of experts, and innovative events we provide cybersecurity professionals with actionable insights and act as a powerful extension of cybersecurity marketing teams. Our brands include SC Media, the Official Cybersecurity Summits, TECHEXPO Top Secret, Security Weekly, InfoSec World, Identiverse, Cybersecurity Collaboration Forum, Cybersecurity Collaborative, ChannelE2E, MSSP Alert, and LaunchTech Communications.  

Learn more at www.cyberriskalliance.com.  

About eSentire

eSentire, Inc., the Authority in Managed Detection andResponse (MDR), protects the critical data and applications of 2000+organizations in 80+ countries, across 35 industries from known and unknown cyber threats by providing Exposure Management, Managed Detection and Response and Incident Response services designed to build an organization’s cyber resilience & prevent business disruption. Founded in 2001, eSentire protects the world’s most targeted organizations with 65% of its global base recognized as critical infrastructure, vital to economic health and stability.By combining open XDR platform technology, 24/7 threat hunting, and proven security operations leadership, eSentire’s award-winning MDR services and team of experts help organizations anticipate, withstand and recover from cyberattacks. Learn more at www.esentire.com and follow us on LinkedIn.

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