The State of Ransomware 2020

Sophos has released The State of Ransomware 2020, a paper detailing the findings of an independent survey of 5,000 IT managers across 26 countries in 2019.

The report examines the mechanisms of ransomware attacks, how successful attacks were, which industries were at higher risk and the costs to organisations, from data recovery and beyond.

The reality is that ransomware is a threat to businesses in all countries and of all sizes in 2020; no business is too small.

Key findings include:

• 51% of all surveyed organisations were hit by ransomware in 2019, and small businesses were affected at similar rates to large corporations.
• The private sector is more likely to be hit than the public sector, but is less likely to understand their reporting obligations.
• 94% of organisations managed to recover their data after an attack.
  • While only 26% recovered their information by paying the ransom, 56% got it back using backups.
• The average remediation cost of an attack to an Australian business is $1,693,444 – including downtime, wages, device and network costs, lost opportunities and the ransom itself
• While 82% of surveyed organisations had cyber insurance, only 65% of these had insurance that covered ransomware.
• In 94% of cases where the ransom is paid, it’s paid by cyber insurance.

How do you take action, before it’s too late?

• Assume you will be hit by ransomware at some point.
• Protect all your data, everywhere it’s held.
• Check your cyber insurance policy to see what’s covered.
• Invest in anti-ransomware technology that prevents encryption.
• Set up regular backups that are stored offsite and offline – give yourself an air gap.
• Use layered defenses – look at not only technology, but also process and people to protect your business.

Have questions on any of these or looking for a second opinion? Contact us today to chat about your business’ cybersecurity strategy.

Read The State of Ransomware 2020 here.