Home Risk Managements Study reveals 27% increase in ransomware attacks with 8% paying the ransom

Study reveals 27% increase in ransomware attacks with 8% paying the ransom

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Study reveals 27% increase in ransomware attacks with 8% paying the ransom

The latest data has revealed a concerning 27% increase in ransomware attacks in 2023, with a startling 8% of affected organizations opting to pay the demanded ransoms. These findings, extracted from the 2024 Thales Data Threat Report, also shed light on the fact that less than half of organizations have formal ransomware response plans in place.

Alongside the surge in ransomware attacks, the report highlights malware as the quickest-growing threat, with 41% of enterprises reporting incidents within the past year. Moreover, phishing and ransomware attacks targeting cloud assets like SaaS applications and cloud-based storage are on the rise, posing significant challenges to organizations’ data security efforts.

Furthermore, human error continues to be a leading cause of data breaches for the second consecutive year, showcasing the crucial need for employee training and awareness in upholding data security protocols.

The report emphasizes the crucial connection between compliance and data security. Over the past year, 43% of enterprises that failed compliance audits experienced breaches, in stark contrast to only 3% of compliant organizations. This correlation underscores the necessity for businesses to prioritize adherence to regulatory standards to effectively mitigate security risks.

Addressing operational complexity remains a significant challenge, as only a third of organizations are able to fully classify their data. Despite efforts to streamline key management systems, businesses are still grappling with navigating multi-cloud environments and adapting to evolving data privacy regulations.

Sebastien Cano, senior vice president at Thales Cloud Protection and Licensing, remarked, “Enterprises need to have a clear understanding of what they are safeguarding. With global data privacy regulations constantly evolving, they must possess comprehensive visibility across their organization to maintain compliance.” Cano stressed the importance of compliance, noting that companies that uphold robust compliance processes and successfully pass audits are less likely to fall victim to breaches.

Looking ahead, Cano predicted a convergence of compliance and security functions. This integration would represent a significant advancement in strengthening cyber defenses and fostering trust with customers.

The Thales report draws insights from a wide-ranging survey of nearly 3000 IT and security professionals hailing from 18 countries and spanning 37 industries. For a more in-depth analysis of the report’s findings, interested individuals can join a webinar hosted by S&P Global on April 16, 2024. The webinar will feature industry experts Eric Hanselman and Justin Lam, offering valuable perspectives on the evolving landscape of data security and compliance.

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