Ransomware Damages Will Be in the Billions in 2017

Ransomware Damages to Rise to $6 Billion in 2017

Ransomware Damages to Rise to $6 Billion in 2017Ransomware Damages to Rise to $6 Billion in 2017

The fastest-growing security threat is ransomware, which is expected to cause damages to grow to $6 billion in 2017.

Fastest Growing ThreatFastest Growing Threat

80% of the cyber-security professionals surveyed categorize ransomware—the fastest growing threat—as a moderate or extreme threat. 15% view it as a small threat ,and 5% don’t consider it a threat.

Frequency of AttacksFrequency of Attacks

75% of organizations that experienced ransomware attacks were threatened five times during the past 12 months, while 25% suffered six or more attacks. Only 3% said they would pay the ransom or negotiate.

Future AttacksFuture Attacks

75% of the survey respondents expect ransomware to be a larger threat during the next 12 months; 19% expect no change; and 6% expect the threat to diminish.

Expected Ransomware AttacksExpected Ransomware Attacks

44% of respondents assess their probability as a target as very or extremely likely, and 27% said an attack is moderately likely. Only 7% believe they won’t be a target in the next 12 months.

Common Ransomware Infection VectorsCommon Ransomware Infection Vectors

Email and web use were the most common ransomware infection vectors. 73% of employees opened malicious email attachments, 54% responded to phishing emails and 28% visited a compromised website.

Endpoint Security Tool DetectionsEndpoint Security Tool Detections

Most ransomware attacks were detected through endpoint security tools (83%), email and web gateways (54%), and intrusion detection systems (46%).

Most Effective Tactics to Block RansomwareMost Effective Tactics to Block Ransomware

User awareness training: 77%,
Endpoint security solutions: 73%,
Patching of operating systems: 72%

Who's Behind Ransom Attacks?Who’s Behind Ransom Attacks?

Organized cyber-criminals: 69%,
Opportunistic, non-organized hackers: 58%,
State-sponsored hacker: 28%

Worst Ransomware StrainsWorst Ransomware Strains

WannaCry: 83%,
CryptoLocker: 77%,
Petya: 67%,
CryptoWall: 43%,
Locky: 41%

Recovery From RansomRecovery From Ransom

51% of the cyber-security professionals surveyed said they could recover from a ransomware attack within a day, but 39% estimated it would take from 2 days to several weeks.

What Motivates Attackers?What Motivates Attackers?

86% of respondents said financial gain is the greatest motivator, and 58% named sabotage and disruption of business.

Obstacles to Ransomware DefenseObstacles to Ransomware Defense

Lack of budget: 52%,
Evolving sophistication of attacks: 42%,
Lack of human resources: 33%

Silver LiningSilver Lining

62% of the cyber-security professionals surveyed expect their ransomware security budget to increase.

Karen A. Frenkel
Karen A. Frenkel
Karen A. Frenkel is a contributor to CIO Insight. She covers cybersecurity topics such as digital transformation, vulnerabilities, phishing, malware, and information governance.

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