Four in five ransomware victims suffer repeat attacks
Lightning often strikes twice, says Cybereason research
Four in every five organizations that pay ransomware fees suffer another attack, according to research released today by security company Cybereason.
The company published the figure in a report that surveyed cyber security professionals worldwide, with 24% of them based in the US. It found that 46% of the companies targeted a second time were attacked by the same criminals that infected them the first time.
A rise in double extortion attacks — ransomware attacks that encrypt files and steal data — is likely to spur repeat attacks from ransomware groups and their affiliates who want to extract more money from victims.
According to the report, DarkSide, the gang that successfully attacked Colonial Pipeline, had been pressuring its targets with threats to release insider information to stock traders so they could short company shares.
Cyber criminals seem to be good at honoring ransom payments by providing decryption keys, but they aren't great at quality assurance. While 51% of companies that paid a ransom said they retrieved their data in full. Another 46% said they got their data back, but some of it was corrupted. Only 3% didn't get their data back at all.
Ransomware attacks also had a devastating effect on businesses. The study revealed that two-thirds of organizations suffered significant revenue losses, and 29% laid off some staff in the wake of an attack, which often led to the business’s demise. In the US, 31% of companies suffering a ransomware attack closed altogether.
RELATED RESOURCE
Defend your organisation from evolving ransomware attacks
Learn what it takes to reduce risk and strengthen operational resiliency
Senior executives weren’t immune from the effects of successful ransomware attacks. The report found that a third of companies lost senior leadership after an attack, either by dismissal or resignation.
The research found businesses relied heavily on cyber insurance to cover the losses, as 54% of companies took out a policy. However, this often isn't an effective hedge against ransomware risk. Of companies with cyber insurance and suffered an attack, 42% said cyber insurance only partially covered the losses.
-
The modern workplace: Standardizing collaboration for the enterprise IT leaderHow Barco ClickShare Hub is redefining the meeting room
-
CISA’s interim chief uploaded sensitive documents to a public version of ChatGPT – security experts explain why you should never do thatNews The incident at CISA raises yet more concerns about the rise of ‘shadow AI’ and data protection risks
-
The FBI has seized the RAMP hacking forum, but will the takedown stick? History tells us otherwiseNews Billing itself as the “only place ransomware allowed", RAMP catered mainly for Russian-speaking cyber criminals
-
Everything we know so far about the Nike data breachNews Hackers behind the WorldLeaks ransomware group claim to have accessed sensitive corporate data
-
There’s a dangerous new ransomware variant on the block – and cyber experts warn it’s flying under the radarNews The new DeadLock ransomware family is taking off in the wild, researchers warn
-
Hacker offering US engineering firm data online after alleged breachNews Data relating to Tampa Electric Company, Duke Energy Florida, and American Electric Power was allegedly stolen
-
Cybersecurity experts face 20 years in prison following ransomware campaignTwo men used their tech expertise to carry out ALPHV BlackCat ransomware attacks
-
15-year-old revealed as key player in Scattered LAPSUS$ HuntersNews 'Rey' says he's trying to leave Scattered LAPSUS$ Hunters and is prepared to cooperate with law enforcement
-
The Scattered Lapsus$ Hunters group is targeting Zendesk customers – here’s what you need to knowNews The group appears to be infecting support and help-desk personnel with remote access trojans and other forms of malware
-
Impact of Asahi cyber attack laid bare as company confirms 1.5 million customers exposedNews No ransom has been paid, said president and group CEO Atsushi Katsuki, and the company is restoring its systems
