A shocking number of businesses aren't getting their data back after a ransomware attack

Date:
Wed, 19 Apr 2023 12:45:40 +0000

Description:
Here's another reason why you should never pay a ransomware demand.

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A vast majority of businesses that pay the demand following a ransomware attack dont end up retrieving their encrypted and stolen data, a new report has claimed.

In its State of data security by Rubrik Zero Labs: The hard truths of data security report, based on a poll of more than 1,600 IT and security leaders (including CISOs and CIOs), the company found just 16% of global
organizations that paid a ransom and received a decryptor actually managed to recover all of their data.

To make matters worse, almost three-quarters (72%) of organizations reported paying their ransomware demand. Risking a lot

Together with phishing and business email compromise (BEC) attacks,
ransomware is considered one of the most popular and destructive forms of cyberattack today.

In ransomware attacks, a threat actor first steals, then encrypts, all of the sensitive data found across company endpoints. Then, it demands a payment be made in cryptocurrency (usually Monero, a type of cryptocurrency thats very hard to trace), in exchange for the decryptor. The threat actor usually also threatens to release the stolen data on the dark web, unless its demands are met. That way, it looks to force the victim into making the payment even if the company has an up-to-date backup. Read more

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Backups seem to be a popular countermeasure to ransomware. Almost all (99%)
of eternal organizations reported having backup and recovery technology. However, 93% reported encountering significant issues with their solutions. Furthermore, nine out of ten reported malicious actors attempting to impact data backups during a cyberattack, and 73% were at least partially successful in doing so.

Cybersecurity experts and law enforcement agencies have warned against paying the ransom demand, for multiple reasons. Meeting the demand doesnt guarantee the return of the file, nor does it guarantee the same attackers wont strike the company again in a month. It also doesnt guarantee security from other threat actors. At the same time, it motivates the cybercriminals to continue targeting businesses with ransomware, and even funds future cybercriminal campaigns. Check out our list of the best endpoint security software around



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Link to news story: https://www.techradar.com/news/a-shocking-number-of-businesses-arent-getting-t heir-data-back-after-a-ransomware-attack


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