The obvious solution to this problem is to ensure that any and all backups are safeguarded effectively from malware. They know that if they infect backups, organizations are far more likely to pay the ransom. What isn’t so well know is the fact that the cybercriminals targeted backups in 94% of these attacks. Hackers Hack the Backups FirstĪccording to the Veeam 2022 Data Protection Trends report, 76% of organizations have already suffered at least one ransomware attack. The SEC is holding corporate board members responsible for the management of cybersecurity risk, the implementation of appropriate policies and technology safeguards, the reporting of breaches, and the creation of comprehensive business continuity plans to ensure rapid recovery from any cyber-incidents. Instead, the SEC is mandating that publicly traded corporations have specific ransomware prevention and recovery plans in place. It has made it clear that simply having a disaster recovery plan in place is no longer enough. It’s no wonder that the Security and Exchange Commission has taken action. It takes time to ride the wave of negative publicity. Stock prices fall, attrition rates increase, and new business is difficult to obtain. Customers, partners, and investors hear about it and become wary. When a company is attacked, there is widespread PR fallout to contend with. This total includes loss of market valuation. 16% said it amounted to more than $25 million. In about one-third of cases, it cost organizations between $10 million and $25 million. Research from Kroll found that the financial toll suffered courtesy of a significant cyberattack amounts to at least $5 million per attack. Ransomware continues to be a big concern for IT professionals and corporate stakeholders as this lucrative criminal activity promises to be with us for the long term.
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