Organisations in Singapore paying multiple ransom demands & More News Here

Cybereason has launched outcomes of its second annual ransomware research throughout a 12 months of unprecedented assaults to raised perceive the true influence on companies. 

The world research reveals that 80% of organisations in Singapore suffered not less than one ransomware assault in 2022, in comparison with the 60% reported in 2021.

The research as soon as once more finds that ‘it doesn’t pay-to-pay’ a ransom demand. 85% of organisations that paid the primary ransom demand had been hit once more, with 88% saying the second assault got here in lower than a month, and 62% stating that risk actors demanded a better ransom quantity.

The report, titled Ransomware: The True Cost to Business Study 2022, additional revealed that 45% of organisations who opted to pay a ransom demand in order to regain entry to their encrypted programs had some or all of their information corrupted throughout the restoration course of. This is in distinction to the 28% reported in 2021, a rise of 60% year-on-year. These findings underscore why it doesn’t pay to pay ransomware attackers, and that organisations ought to deal with detection and prevention methods to finish ransomware assaults on the earliest phases earlier than vital programs and information are put in jeopardy.

“Ransomware assaults are traumatic occasions, and when ransomware gangs assault a second, third or fourth time in a matter of weeks, it could carry an organisation to its collective knees,” says Eric Nagel, normal supervisor for APAC at Cybereason.

“Deploying effective anti-ransomware solutions is easier said than done, and the hackers know it. After being hit the first time by a ransomware attack, organisations need time to assess their security posture, determine what are the right tools to deploy, and then find the budget to pay for it,” he says.

“The ransomware gangs know this, and it’s the greatest motive they strike once more rapidly.” 

Key findings in the analysis embody:

• A Weak Supply Chain Leads to Ransomware Attacks: Nearly two-thirds of firms (63%) consider the ransomware gang acquired into their community through certainly one of their suppliers or enterprise companions.
• Senior Leadership Attrition: Nearly 40% of firms suffered C-level resignations following a ransomware assault.
• A Matter of Life and Death: Nearly 30% of firms stated they paid a ransom due to the chance to human life on account of system downtime.
• Ransom Demands Increase with Each Attack: Around 60% of firms paid a better ransom demand the second time.
• Ransomware Attacks Lead to Business Disruptions: Over half of firms (55%) had been pressured to quickly or completely droop operations following a ransomware assault.
• Layoffs Result from Ransomware Attacks: Nearly 20% of firms laid off employees on account of the assault.
• Organisations Don’t Have the Right Tools: Over 90% of firms admitted that ransomware gangs had been in their community as much as 6 months earlier than they found them. This factors to the double extortion mannequin the place attackers first steal delicate information then threaten to make it public if the ransom demand isn’t paid.
  
   

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