Businesses are becoming increasingly savvy at thwarting ransomware attacks, but the number of successful ransomware campaigns is still staggeringly high. According to the “2023 Global Ransomware Report” compiled by Fortinet, which surveyed 569 cybersecurity professionals from the US, UK, France, India, Japan, and other countries working in manufacturing, technology, transportation and healthcare, 78% of respondents reported feeling “very” or “extremely” prepared to mitigate an attack. Companies are also able to recognize an attack within hours, sometimes even minutes.
Despite these advancements, however, the report says the global threat of ransomware is still very much alive. Last year, half of businesses in all sizes, regions, and industries were impacted by a ransomware attack, with 149 of them receiving ransoms of $1M or higher. The prime challenges companies face when dealing with ransomware include lack of understanding of how to secure against the threat and low employee awareness.
To stay one step ahead of these kinds of attacks, organizations are relying on an integrated approach to security. More security budgets are expected to be allocated for Artificial Intelligence (AI) and Machine Learning (ML) technologies next year, in the hopes of achieving faster detection times and better preparation for people and processes when vulnerable to an attack. Cyber-insurance still plays a large part in these efforts, although businesses have been disappointed to find that almost 40% of cases did not receive the coverage they expected due to an “exception” from the insurer.
Fortinet is a global leader in cyber security solutions providing a wide portfolio of services to protect both individuals and businesses from malware, ransomware, and other cyber threats. Founded in 2000, they have become a trusted partner of many of the world’s leading organizations. Ken Xie, the founder, has been at the helm of the company since its conception and has grown it to its current size and success. He currently serves as Chairman of the Board and Chief Executive Officer.
