Analyst Report

Ransomware In Focus

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Ransomware in Focus, new CISO research on ransomware attacks, uncovers the financial impacts, buying decisions, and business processes that have been driven by these attacks. The study was conducted by CISOs Connect, AimPoint Group, and W2 Communications.

Key findings:

  1. CISOs recognize ransomware as the #1 threat they face. That is due to the multiple high-value impacts ransomware can impose: operational, financial, legal, reputational, and more.

  2. Unfortunately, there is no relief in sight. 69% of respondents consider it likely they’ll be successfully hit at least once in the next year.

  3. Mid-sized organizations are at the center of the ransomware crosshairs. While 53% of respondents overall were successfully hit by ransomware in the past year, the rate is noticeably higher (reaching almost two thirds) for companies with between 1,000 and 9,999 employees.

  4. Ransomware gains cyber its seat at the big table. With so many high-profile attacks publicized over the last year, the ransomware threat is serving to highlight the importance of cybersecurity to the Board level like nothing else before it.

  5. The ransom itself is not a top concern. CISOs’ biggest worries come from the cost of recovery and restoration of business operations and the risks associated with data exfiltration.

  6. Are businesses prepared to make a ransom payment? Input from our CISO Board strongly emphasizes that paying a ransom must be a pre-vetted business decision founded on thorough cost-benefit analysis and scenario modeling.

  7. The total cost of an attack can be steep. There is a 1-in-5 chance that a successful hit will cost your organization more than $5M in total - that’s out-of-pocket along with the significant costs of recovery.

  8. Zero Trust is a key defense. Implementing and enforcing least privileged access control is viewed as a leading way to help stem the tide of ransomware and the other cyber threats that are still very present in the ecosystem.

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