According to a new report, ransomware attacks are still a major issue for organizations, and many are still choosing to pay the ransom. ExtraHop’s Global Cyber Confidence Index 2023 shows that 83% of organizations that suffered a ransomware attack admitted to paying the perpetrators at least once. Meanwhile, the number of attacks has increased dramatically, with the average company reporting four attacks in just one year.
Researchers suggest that the rise in attacks is due to “security debt,” which refers to the large number of unaddressed security vulnerabilities such as unpatched software, unmanaged devices, shadow IT, insecure network protocols, and more. More than three-quarters (77%) of IT decision-makers admitted that outdated cybersecurity practices were to blame for at least half of the incidents they experienced.
Moreover, 98% of organizations are using at least one insecure network protocol, up 6% year-on-year, and SMBv1, a protocol that played a significant role in the WannaCry and NotPetya attacks, is still in use by more than three-quarters (77%) of firms. The report also shows that 53% of organizations have critical devices that can be accessed and controlled remotely, while 47% have some critical devices exposed to the public internet.
Mark Bowling, ExtraHop’s Chief Risk, Security, and Information Security Officer, said, “As organizations find themselves overburdened by staffing shortages and shrinking budgets, it’s no surprise that IT and security teams have deprioritized some of the basic cybersecurity necessities that may seem a bit more mundane or expendable. The probability of a ransomware attack is inversely proportional to the amount of unmitigated surface attack area, which is one example of cybersecurity debt. The liabilities, and, ultimately, financial damages that result from this deprioritization compounds cybersecurity debt and opens organizations up to even more risk.”
The report calls for greater visibility into the network with an NDR solution that can help reveal the most pressing vulnerabilities so that organizations can take control of their cybersecurity debt. According to the report, fewer than a third of organizations said they would address outdated cybersecurity practices immediately, even though 77% of IT decision-makers said these practices were to blame for at least half of the incidents they experienced.
The Internet Patrol is completely free, and reader-supported. Your tips via CashApp, Venmo, or Paypal are appreciated! Receipts will come from ISIPP.
CashApp us
Venmo us
Paypal us
The report highlights the importance of addressing cybersecurity debt and implementing best practices to minimize risk. Organizations need to prioritize cybersecurity and take a proactive approach to protecting their networks, devices, and data. This includes implementing security measures such as multi-factor authentication, using secure network protocols, and regularly patching software to address vulnerabilities.
In conclusion, ransomware attacks continue to be a major concern for organizations, and many are still paying the ransom. It’s crucial for organizations to address their cybersecurity debt and take proactive measures to protect their networks, devices, and data. With the right tools and strategies, organizations can minimize their risk and prevent costly ransomware attacks.
The Internet Patrol is completely free, and reader-supported. Your tips via CashApp, Venmo, or Paypal are appreciated! Receipts will come from ISIPP.
CashApp us
Venmo us
Paypal us
