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2017 RANSOMWARE REPORT SAYS: Ransomware Damages to Rise to $6 Billion

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Ransomware is a malware that infects computers and restricts their access to files, often threatening permanent data destruction unless a ransom is paid — has reached epidemic proportions globally.Ransomware targets all industries, and more than just computer data. Motion pictures and anything digital are now at risk.

According to Microsoft, Ransomware accounted for roughly $325 million in damages in 2015.Global ransom ware damage costs predicted to exceed $5 billion in 2017.

According to the Cisco 2017 Annual Cyber security Report, ransom ware is growing at a yearly rate of 350%.The massive WannaCry attack damage is partially responsible for the 2017 prediction, although ransom ware attacks were already trending up significantly this year to-date.

Cyber expert says that WannaCrypt could be responsible for as much as 20% of total ransomware damage costs in 2017 and ransomware attacks on healthcare organizations will quadruple by 2020.

The 2017 Ransomware Report is based on a comprehensive online survey of over 500 cybersecurity professionals, providing insight into the latest ransomware trends and valuable guidance on addressing the evolving ransomware threat.

Highlights from 2017 Ransomware Report in numbers:

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.

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.

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.

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.

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.

Endpoint 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 Ransomware

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

Who’s Behind Ransom Attacks?

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

Worst Ransomware Strains

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

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.

What Motivates Attackers?

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

Obstacles to Ransomware Defense

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

Silver Lining

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

 

 

 

 

 

 

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