To achieve that balance, organizations need to understand that 75 percent of ransomware breaches begin with either a phishing email or a Remote Desktop Protocol (RDP) compromise, according to Coveware’s quarterly ransomware reports for the fourth quarter of 2020 and theįirst quarter of 2021. To achieve a secure work environment, you need to know what technology you have, what and who it is talking to, and then watch it like a hawk. To get there, everyone from the board and C-suite to down the line must be on the same page and treat security as a continuous endeavor that balances technology with people and processes to ingrain security into an organization’s DNA. The payment or nonpayment of a ransom could well depend on whether an organization masters the basics of these four strategies and then continues to build higher levels of cyber maturity that create a resilient environment where attacks may still occur but do not have the same impact they would otherwise. While governments, law enforcement, and regulators continue to grapple with ransomware issues such as transparency and oversight of cryptocurrencies, companies need to ensure they remain resilient by focusing on ransomware prevention, preparation, response, and recovery strategies. With the use of low-cost ransomware-as-a-service (RaaS) campaigns, this cyberthreat has surged beyond the quiet confines of the C-suite to where boards of directors, regulators, law enforcement, industry associations, insurance providers, and the cybersecurity vendor community all need to be a part of the solution. Or the opportunity costs of having executives and specialized teams turn away from their day-to-day roles for weeks or months to deal with an attack and its aftermath, or the lost revenue that results. These figures do not reflect the additional costs of an attack, including paying third parties, such as legal, PR, and negotiation firms, Additionally, a ransomware attack on US software provider Kaseya targeted the firm’s remote-computer-management tool and endangered up to 2,000 companies globally. To put it in perspective, here are some specific costs: Colonial Pipeline paid a $4.4 million ransom after the company shut down operations, global meat producer JBS paid $11.0 million, and global insurance provider CNA Financial paid a reported $40.0 million. Sometimes looking at the overall numbers, it is hard to grasp the reality of a ransomware attack’s effect on a company. ICS cybersecurity year in review 2020, Dragos, 2021. While security threats against industrial control systems (ICS) and operational technology (OT) more than tripled in 2020. Supply-chain attacks rose by 42 percent in the first quarter of 2021 in the United States, affecting up to seven million people, 2Ĭharlie Hart, “‘Troubling’ rise in supply chain cyber attacks,” Supply Management, April 13, 2021. 1ĭaviid Braue, “Global ransomware damage costs predicted to exceed $265 billion by 2031,” Cybercrime Magazine, June 3, 2021. To that end, Cybersecurity Ventures estimates ransomware costs should reach $265 billion by 2031.
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