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The persistence of ransomware, despite significant global efforts to impede it, is fueled by the industrialization of cybercrime. However, when accounting for the average ransom payment, which according to Sophos reached $812,000 in 2021, businesses that opt to pay the ransom could net higher total costs - all while inadvertently funding future ransomware attacks with capital that could be allocated to remediation and recovery efforts and looking at potential federal offenses. Add to that, 17% of breaches at critical infrastructure organizations were caused due to a business partner being initially compromised, highlighting the security risks that over-trusting environments pose.īusinesses that Pay the Ransom Aren't Getting a "Bargain"Īccording to the 2022 IBM report, businesses that paid threat actors' ransom demands saw $610,000 less in average breach costs compared to those that chose not to pay – not including the ransom amount paid. This includes financial services, industrial, transportation and healthcare companies amongst others.ĭespite the call for caution, and a year after the Biden Administration issued a cybersecurity executive order that centers around the importance of adopting a zero trust approach to strengthen the nation's cybersecurity, only 21% of critical infrastructure organizations studied adopt a zero trust security model, according to the report. In fact, IBM's report reveals that ransomware and destructive attacks represented 28% of breaches amongst critical infrastructure organizations studied, highlighting how threat actors are seeking to fracture the global supply chains that rely on these organizations. Over-trusting Critical Infrastructure OrganizationsĬoncerns over critical infrastructure targeting appear to be increasing globally over the past year, with many governments' cybersecurity agencies urging vigilance against disruptive attacks. "This report shows that the right strategies coupled with the right technologies can help make all the difference when businesses are attacked." The more businesses try to perfect their perimeter instead of investing in detection and response, the more breaches can fuel cost of living increases." said Charles Henderson, Global Head of IBM Security X-Force. It's time to stop the adversary from achieving their objectives and start to minimize the impact of attacks. "Businesses need to put their security defenses on the offense and beat attackers to the punch. Security AI and Automation Leads as Multi-Million Dollar Cost Saver– Participating organizations fully deploying security AI and automation incurred $3.05 million less on average in breach costs compared to studied organizations that have not deployed the technology – the biggest cost saver observed in the study.Security Immaturity in Clouds – Forty-three percent of studied organizations are in the early stages or have not started applying security practices across their cloud environments, observing over $660,000 on average in higher breach costs than studied organizations with mature security across their cloud environments.Factoring in the high cost of ransom payments, the financial toll may rise even higher, suggesting that simply paying the ransom may not be an effective strategy. It Doesn't Pay to Pay – Ransomware victims in the study that opted to pay threat actors' ransom demands saw only $610,000 less in average breach costs compared to those that chose not to pay – not including the cost of the ransom.
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All while 28% of breaches amongst these organizations were ransomware or destructive attacks. Critical Infrastructure Lags in Zero Trust – Almost 80% of critical infrastructure organizations studied don't adopt zero trust strategies, seeing average breach costs rise to $5.4 million – a $1.17 million increase compared to those that do.Some of the key findings in the 2022 IBM report include: The research, which was sponsored and analyzed by IBM Security, was conducted by the Ponemon Institute. The 2022 Cost of a Data Breach Report is based on in-depth analysis of real-world data breaches experienced by 550 organizations globally between March 2021 and March 2022. Another factor rising over time is the after-effects of breaches on these organizations, which linger long after they occur, as nearly 50% of breach costs are incurred more than a year after the breach. The perpetuality of cyberattacks is also shedding light on the "haunting effect" data breaches are having on businesses, with the IBM report finding 83% of studied organizations have experienced more than one data breach in their lifetime.