High Costs of Ransomware

12324084900?profile=RESIZE_400xRansomware isn’t new, yet organizations still struggle to guard against this threat.  According to the Fortinet 2023 Global Ransomware Report, in 12 months, two-thirds of organizations were targeted by ransomware, with half of those falling victim to an attack.  As attackers advance their tactics, security and IT leaders must prepare for the inevitability of a ransomware attack.  It is no longer a matter of “if” a business will be breached but “when.”  Along with business leaders, those in the C-suite and the board of directors must prioritize ransomware risk mitigation.

The consequences of ransomware are high.  Not only are there monetary implications, even for those with cyber-insurance policies, but businesses suffer from the loss of sensitive data, the disruption of operations, unplanned downtime, and more.  And with the availability of Ransomware-as-a-Service (RaaS) operations combined with the potential misuse of artificial intelligence (AI), even novice attackers can launch sophisticated ransomware attacks.  Case in point: In the first half of 2022, FortiGuard Labs identified 10,666 new ransomware variants—double the amount identified in the previous period.  Fortinet researchers also observed a 16% growth in ransomware attacks from the first half of the year and the second half.  This concerning news is that every business, regardless of industry or size, is a target.  Organizations must take the threat seriously and create a plan for mitigating ransomware.  The good news is that organizations are increasingly seeing the value in investing in solutions to help prevent and mitigate ransomware.  For example, according to a recent report, most leaders view the following technologies as essential to thwarting ransomware: Internet-of-Things (IoT) security, secure access service edge (SASE), cloud workload protection, next-generation firewalls (NGFWs), endpoint detection and response (EDR), zero-trust network access (ZTNA), and secure email gateway.

Link to full report:  mitigate-ransomware-risk-with-fortinet-solutions.pdf

This article is presented at no charge for educational and informational purposes only.

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