Organizations Ill-Prepared for Ransomware Attacks, Grossly Underestimate Recovery Times

Most Expect an Attack Within the Year, BullWall and Cybersecurity Insiders Survey Shows

A new report published by BullWall and Cybersecurity Insiders raises concerns about the state of organizational preparedness for ransomware attacks. The Cybersecurity Insiders 2023 Ransomware Report, based on a survey of 435 cybersecurity professionals, has identified significant gaps, misunderstandings, and obstacles in the realm of security posture, attack prevention, and ransomware remediation.

According to the report, fully 79 percent of respondents believe it likely that their organizations will fall victim to a ransomware attack within the next year. Despite this awareness, organizations exhibit overconfidence in their ability to detect such attacks, with 77 percent incorrectly believing that their endpoint security solutions can sufficiently protect their servers against malware.

More worryingly, there is a substantial gap in confidence when it comes to the remediation of ransomware. While 76 percent of respondents express high confidence in their organization’s ability to prevent an attack, only 35 percent are confident in their current ability to remediate ransomware after it locks or encrypts data within their systems. Recovery time expectations also prove to be overly optimistic, with 35 percent of respondents believing they can recover from an attack in a few days. However, research indicates that the recovery process typically spans weeks or even months.

The report highlights the significant impact of ransomware on organizations, with downtime cited by 82 percent of respondents as the biggest negative consequence. Financial losses (75 percent) and reputational damage (68 percent) were also listed as major concerns. Furthermore, the survey reveals that financial information (69 percent), customer information (61 percent), and employee information (56 percent) are all at risk due to ransomware attacks.

“These findings emphasize the need for organizations to adopt a more comprehensive approach to ransomware defense,” said Holger Schulze, CEO and Founder of Cybersecurity Insiders. Schulze stressed the importance of shifting from a purely preventative approach to a layered strategy that includes rapid containment of ongoing attacks. By implementing solutions that can quickly shut down active attacks, organizations can limit the damage inflicted and reduce recovery time, better protecting their valuable data, operations, and reputation.

Cybersecurity Insiders and BullWall will host a webinar “Why EDRs And Other Preventative Measures Cannot Stop Ransomware And What To Do Instead” on June 15, 2023, at 11:00 am ET to review the report’s findings and share expert recommendations to tackle the ransomware crisis.

To access the full Cybersecurity Insiders 2023 Ransomware Report, visit: https://bullwall.com/2023-ransomware-report/?utm_source=2023-ransomware-report&utm_medium=press-release&utm_campaign=2023-ransomware-report

To register for the webinar, visit: https://register.gotowebinar.com/register/5763097225180979552?source=BW