Barracuda Networks Inc., a partner and provider of cloud-first security solutions, published its 2023 Ransomware Insights report, which shows that 73 percent of the organizations surveyed report being hit with at least one successful ransomware attack in 2022 — and 38 percent say they were hit twice or more.
Organizations that were hit multiple times were more likely to say they’d paid the ransom — 42 percent of those hit three times or more paid the ransom to restore encrypted data, compared to 31 percent of victims of a single attack. They also were less likely to use a data backup system to help them recover.
The Barracuda-commissioned survey conducted by independent research firm Vanson Bourne questioned IT professionals from frontline to the most senior roles at companies with 100 to 2,500 employees, across a range of industries in the United States, EMEA and APAC countries.
Significant variations in the industries targeted by ransomware existed. For example, 98 percent of consumer services and 85 percent of energy, oil/gas, and utility organizations experienced at least one ransomware attack. The energy, oil/gas and utility industry was also the most likely, at 53 percent, to report two or more successful ransomware incidents.
The findings show that for 69 percent of organizations, the ransomware attack started with a malicious email, such as a phishing email designed to steal credentials that would allow the attackers to breach the network. Web applications and traffic are in second place and represent an area of growing risk as part of an ever-expanding threat surface.
Organizations with cyber insurance were more likely to be affected by ransomware — 77 percent of organizations with cyber insurance were hit with at least one successful ransomware attack, compared to 65 percent without cyber insurance.
The research also found that 27 percent of the organizations surveyed feel they are not fully prepared to deal with a ransomware attack.
Get a copy of the report at https://www.barracuda.com/reports/ransomware-insights-report-2023
For essential security steps, get the guide: Don’t pay the ransom – a three step guide to ransomware protection, which includes a downloadable ransomware protection checklist.
For more on cyber liability insurance, get the guide: Cyber insurance requirements guide
For more information, visit barracuda.com.
