Seventy-three percent of organizations reported being hit with at least one successful ransomware attack in 2022, and 38% said they experienced two or more attacks, according to Barracuda Networks’ 2023 Ransomware Insights report.
The report revealed that organizations facing multiple attacks were more likely to pay a ransom to restore encrypted data. Of those hit three times or more, 42% paid the ransom, compared to 31% of organizations struck by a single attack.
The survey, conducted by independent research company Vanson Bourne, polled IT professionals at companies with 100 to 2,500 employees across various industries and regions. It uncovered significant variations in ransomware targeting across industries. For instance, 98% of consumer services businesses and 85% of energy, oil/gas, and utility companies reported at least one ransomware attack. Notably, the energy, oil/gas, and utility sector was the most likely to report two or more successful attacks, at 53%.
The primary entry point for 69% of ransomware attacks was malicious emails, followed by web applications and traffic. Interestingly, organizations with cyber insurance were more likely to experience ransomware attacks, with 77% of insured organizations reporting at least one successful attack compared to 65% of uninsured organizations.
Despite the prevalence of ransomware, 27% of surveyed organizations felt they were not fully prepared to handle such an attack. According to Fleming Shi, chief technology officer at Barracuda, the accessibility of low-cost attack tools through ransomware-as-a-service offerings has contributed to the high number of incidents. He emphasized that repeat victims often fail to address security gaps after the first incident.
Shi highlighted the need for deep, multilayered security technologies to combat ransomware, including advanced email protection, threat hunting, backup solutions, and extended detection and response (XDR) capabilities. These measures can help organizations detect and stop malicious activity before it causes significant damage.
Click here to submit a Quote Request.
If we have had the pleasure of working with you, we would love for you to leave a review on Google. Your honest thoughts help us improve and grow and allow potential customers to better understand what we have to offer. Thank you in advance for your time and support!