Ransomware Damages to Rise to $6 Billion in 2017

 
 
By Karen A. Frenkel  |  Posted 10-09-2017 Email
 
 
 
 
 
 
 
 
 
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    Ransomware Damages to Rise to $6 Billion in 2017
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    Ransomware 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.
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    Fastest Growing Threat
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    Fastest 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.
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    Frequency of Attacks
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    Frequency 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.
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    Future Attacks
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    Future 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.
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    Expected Ransomware Attacks
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    Expected 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.
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    Common Ransomware Infection Vectors
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    Common 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.
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    Endpoint Security Tool Detections
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    Endpoint Security Tool Detections

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

    User awareness training: 77%, Endpoint security solutions: 73%, Patching of operating systems: 72%
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    Who's Behind Ransom Attacks?
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    Who's Behind Ransom Attacks?

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

    WannaCry: 83%, CryptoLocker: 77%, Petya: 67%, CryptoWall: 43%, Locky: 41%
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    Recovery From Ransom
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    Recovery 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.
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    What Motivates Attackers?
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    What Motivates Attackers?

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

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

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

Ransomware is the fastest growing security threat, yet most companies are unprepared to deal with it, says a new study. Companies and government agencies are overwhelmed by frequent, severe attacks, according to "2017 Ransomware Report," commissioned by Cybersecurity Insiders and conducted by Crowd Research. "Ransomware is a game changer. It is incredibly easy and inexpensive for cyber-criminals to execute highly profitable attacks on a global scale," said Holger Schultze, CEO and founder of Cybersecurity Insiders. "Many organizations are alarmingly unprepared for the ransomware onslaught. We predict the problem will get significantly worse—with damages to the U.S. economy exceeding $6 billion in 2017 alone." The study was conducted in partnership with the Information Security Community on LinkedIn to reveal the latest ransomware trends and offer guidance. Almost 500 cyber-security professionals participated in the survey. They represented organizations of varying sizes across all industries, and included IT managers, CIOs, CISOs and IT administrators.

 
 
 
 
 
Karen A. Frenkel writes about technology and innovation and lives in New York City.

 
 
 
 
 
 

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