Ransomware shame: More than half of business owners conceal cyber-breach

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Company executives feel vulnerable to frequent ransomware attacks

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A new survey says the ransomware crisis may be worse than widely believed because most business executives hide cyberattacks.

According to the U.S.’s findings, a third (32%) of enterprises experienced a six-digit breach in the past year and more than half (61%) of business owners admitted to concealing the breach. a global survey of over 1,400 IT decision makers in large organizations by cyber security firm Arctic Wolf.

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Ian McShane, Arctic Wolf’s field chief technology officer, told Granthshala Business, “Most incidents are not made public. Ultimately, not every ransomware incident extends to or takes down an entire system or a company’s infrastructure.” ”

“When you think about negative press and brand damage, let alone the potential for fines or other penalties depending on the industry,” McShane said.

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Other survey results include:

-78% of C-suite officers claim they would be willing to pay the ransom.

–56% would be willing to pay more than $100,000 to resume operations.

– 74% of executives with hybrid work environments believe that their in-house IT and security teams lack the ability to protect against ransomware.

– 60% of executives believe that their employees could not identify the cyberattack.

According to McShane, those results reflect a continuing intoxication of reports of successful ransomware attacks that leave authorities feeling vulnerable.

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The survey comes in the wake of a Treasury Department announcement setting out a series of actions to disrupt criminal networks and virtual currency exchanges that facilitate criminal transactions.

“Ransomware and cyberattacks are preying on businesses large and small across the US and are a direct threat to our economy. We will continue to crack down on malicious actors,” Treasury Secretary Janet L. Yellen said in a statement. Statement.

But officials have little faith in government efforts to disrupt the ransomware, the survey showed.

Artik Wolf said, “Despite recent interventions in cybersecurity issues, there is a lack of confidence in the ability of the government to protect authorities from cyber threats,” with most organizations (60%) believing that the new security Spending on equipment and services is most effective. How to stop attacks.

And officials have no faith in diplomacy, with only 15% of US officials believing that diplomacy effectively prevents future cyberattacks from abroad, although a large number (31%) believe that counter-cyber attacks against foreign countries will be effective.

China (41%) and Russia (41%) alike are seen as the source of the most dangerous threats targeting their businesses.

And in separate research by cybersecurity firm Veritas Technologies, which surveyed more than 2,000 global IT leaders, respondents said their employers had experienced an average of 2.57 ransomware attacks, which caused downtime in the past 12 months and 14% admitted five, or more, ransomware attacks caused downtime in the past year.


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