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Ransomware: The Nightmare For Business

What does business afraid of? The CrowdStrike Global Survey shows that ransomware is their biggest fear. Ransomware threatens business growth in a world already weakened by COVID-19.

It turns out that more than half (56%) of the organizations surveyed have suffered ransomware attacks in the past year. That pushed them to rethink their approach to cybersecurity and accelerate their digital transformation.

The pandemic catalyzed growing concerns as cyber blackmail incidents multiplied. Attitudes toward such attacks have changed. Whereas companies used to be concerned about the likelihood of such an incident, today’s deadlines for paying ransomware are tight. Many organizations prefer to pay the ransom rather than ask for help.

Some numbers and conclusions from the study:

– 54% of those surveyed recognized ransomware attacks as a big problem. The number increased compared to 2019 (42%) and 2018 (46%).

– 71% of respondents believe the increase in such attacks was due to the shift to remote work because of COVID-19.

– Among those affected by the ransomware, 27% decided to pay a ransom, which cost organizations an average of $1.1 million.

– The Asia-Pacific region suffered the most from such attacks, with an average payout of $1.18 million. In Europe, the Middle East, and Africa, the figure was lower – $1.06 million, and in the U.S. – $0.99 million.

– 87% of respondents agree that state-sponsored cyberattacks have increased in number. Growing international pressure, the pandemic, and elections have all contributed to this increase.

– 73% believe state-sponsored cyberattacks will be the biggest threat to business in 2021.

The rapid increase in cyber threats is prompting businesses and governments to accelerate the digitalization process, which has led to additional investment and increased costs.

– 61% of organizations have already spent more than $1 million on digital transformation in the past three years.

– 90% of organizations have spent at least $100k to adapt to the pandemic.

– 66% of respondents have upgraded their security tools and increased their cloud adoption as employees have moved to remote work.

The survey included more than 2,000 IT and cybersecurity executives from around the world: the United States, United Kingdom, France, Germany, Spain, Italy, the Netherlands, the Middle East, India, Japan, Singapore, and Australia. The representative sample consisted of government agencies and private-sector employees with at least 250 employees.

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