The True Cost to Business Study 2024 reveals it still doesn’t pay to pay

Introduction to Cybereason’s Annual Ransomware Study Cybereason, a leader in attack protection, has recently released its third annual ransomware study. This important study aims to shed light on the true impact of ransomware on businesses worldwide.

Rising Trends in Ransomware Attacks Firstly, the study reveals a worrying increase in ransomware attacks. They are not only becoming more frequent but also more sophisticated and effective. For instance, 56% of surveyed organizations suffered multiple attacks in the last two years. Moreover, 80% of those who paid a ransom faced a second attack. Alarmingly, 82% experienced another attack within a year, and 63% were asked to pay more.

The Drawbacks of Paying Ransoms Additionally, the report, titled ‘Ransomware: The True Cost to Business 2024,’ highlights the ineffectiveness of paying ransoms. In fact, only 47% of businesses that paid the ransom regained access to their data uncorrupted.

Insights from Cybereason’s Expert Furthermore, Greg Day, Cybereason’s Global Field CISO, provides valuable insights. He emphasizes that many businesses lack a comprehensive strategy against ransomware. Unfortunately, they often miss out on crucial elements like proper planning and execution.

Further Findings: Business Vulnerabilities Also, the study sheds light on other significant issues. For example, many breaches were not detected for months, often due to vulnerabilities in the supply chain. Subsequently, 78% of businesses were breached a second time, with many facing higher ransom demands. Lastly, the financial impact is staggering, with substantial losses and adverse effects on brand and operations.

Cybereason’s Comprehensive Protection Against Ransomware Finally, Cybereason offers a robust solution to ransomware threats. Their approach combines effective Endpoint Prevention (EPP) and Endpoint Detection (EDR) technologies. Additionally, their Managed Detection Response (MDR) service ensures a comprehensive defense against these cyber threats.

For more information and detailed insights, visit Cybereason’s Ransomware Report.

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