When cyberattacks make the news, they usually are focused around large organizations, like Colonial Pipeline, Accenture, or JBS, the largest meatpacking company in the world. So midsize companies don't have as much to worry about, right? If only that were true. Cyber threats are on the rise, and organizations big, small, and midsize must find ways to combat the growing risk and cost of these attacks.
The number of global ransomware attacks against businesses of every size rose 151% in the first half of 2021, according to SonicWall research. And in the U.S., the 2021 Verizon Data Breach Investigations report found that ransomware was responsible for 30% of all cyberattacks in 2020, a number that’s probably even higher because many ransomware incidents go unreported. Organizations don't want to highlight any security vulnerabilities that affect their customers, patients, or investors.
Although the risk may not always make the news, it’s still there. The FBI warns that there are 100 strains of ransomware currently circling the globe. With ransomware payouts often in the millions, ransomware stands as a profitable crime – one likely to continue.
When companies are hit by ransomware attacks, they lose out financially, whether they pay the attacker or not. No matter how quickly an organization responds, they still experience downtime, which results in lost revenue and customers. Organizations may face penalties for failed contract obligations and governmental fines for noncompliance.
The above is a summary from an article in SC Magazine written by Patrick Hayes. To see the full article, click here.
For more about protecting your organization, contact the UncommonX team to request a demo of our XDR platform and talk about your specific security needs.