October 6, 2022
by Dan Kobialka • Sep 20, 2022 Ransomware has been an “escalating” problem for global businesses, according to the 2022 Ransomware Defense Report from account takeover and fraud prevention solutions provider SpyCloud. However, even though many of these companies prioritize cyber protection, they are frequently struggling to keep pace with evolving ransomware attacks. Approximately 90% of…

by Dan Kobialka • Sep 20, 2022

Ransomware has been an “escalating” problem for global businesses, according to the 2022 Ransomware Defense Report from account takeover and fraud prevention solutions provider SpyCloud.

However, even though many of these companies prioritize cyber protection, they are frequently struggling to keep pace with evolving ransomware attacks.

Approximately 90% of companies said they were impacted by ransomware in 2022, and 78% said they were hit at least twice, SpyCloud’s report indicated. Companies affected in each size category varied, with a range of 82% for enterprises with more than 25,000 employees and 92% for organizations with 1,000 to 4,999 employees.

Most Businesses Pay Cyber Ransoms

Roughly 65% of companies affected by ransomware ended up paying a cyber ransom, SpyCloud’s report showed. However, only 36% of these companies fully recovered their data.

Comparatively, 35% of companies did not pay a cyber ransom relating to a ransomware attack, SpyCloud’s report revealed. Among these companies, 92% managed to recover their data.

Many Companies Lack Confidence in Their Cybersecurity Strategies

Most businesses “see room for improvement” with their cybersecurity strategies, according to SpyCloud’s report. As such, many companies plan to upgrade or add the following cybersecurity solutions:

  • Deception technology
  • Endpoint and/or device protection
  • Intrusion detection system
  • Monitoring for compromised credentials
  • Patch and secure configuration management
  • Threat intelligence service and/or sharing platform
  • User awareness training
  • User and entity behavior analytics (UEBA)

SpyCloud’s report also highlighted the most important countermeasures for companies to mitigate ransomware attacks, which include:

  • Backing up data
  • Providing user awareness training
  • Utilizing endpoint and/or device protection solution
  • Using an intrusion detection system
  • Leveraging an email security solution that offers phishing detection capabilities

In addition, ransomware prevention strategies must focus on third-party applications, unmanaged devices and other entry points that “security teams can’t see,” SpyCloud CEO Ted Ross said. These strategies enable businesses to eliminate security gaps that can otherwise lead to ransomware attacks.

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