Number of ransomware victims paying a ransom more than doubles over past year. Two-thirds of businesses say generative AI technology has increased their fears of ransomware attacks.
HANOVER, GERMANY / ACCESSWIRE / October 15, 2024 / The number of ransomware victims who paid a ransom in 2024 (16.3%) more than doubled on the previous year (6.9%), according to new research from leading cybersecurity provider Hornetsecurity. Data loss has also increased dramatically, from 17.2% in 2023 to 30.2% in 2024. Alarmingly, 5% of organizations reported a complete loss of all affected data.
Data recovery rates following ransomware attacks have dropped from 87.4% in 2021 to 66.3% in 2024, reflecting increasingly sophisticated cyberattacks. Email and phishing attacks remain the leading ransomware vector, accounting for 52.3% of incidents. Attack volume decreased slightly from 21.1% in 2021 to 18.6% in 2024, but the severity of these criminal activities has intensified.
Hornetsecurity CEO Daniel Hofmann commented: "The ransomware landscape demands vigilance. While attacks decreased, consequences are more severe, potentially devastating for victims. Organizations must invest in comprehensive security and ongoing training to counter evolving criminal tactics."
Generative AI: a double-edged sword
Generative AI has intensified ransomware fears for 66.9% of respondents. 85% of companies express high concern, yet only 56.3% show active prevention engagement despite 89.4% leadership awareness. While 84.1% prioritize protection and 87% have recovery plans, 13.1% mistakenly believe cloud platforms eliminate planning needs, creating a preparedness gap.
Training in cybersecurity: urgent refreshes required
Despite widespread recognition of cybersecurity training's importance (95.8%), challenges remain. These include perceived time demands (17.8%), 'untrainable' users (14.4%), high costs (12.3%), and IT staff burden (10.6%). With 52.3% of ransomware attacks originating from email and phishing, ongoing training remains crucial to fortify the human firewall against evolving threats.
Awareness and insurance trends
Awareness of the impact of ransomware on Microsoft 365 improved as uncertainty about its vulnerability dropped from 25.3% in 2022 to 9.8%, while ransomware insurance adoption rose from 37.9% to 54.6%.
Daniel Hofmann added:"Generative AI is elevating ransomware threats, however, increasing insurance adoption isn't enough. AI-powered security, leadership, training, and vigilance are crucial to outpace cybercriminals."
ENDS
About the survey
Results gathered from a global quantitative survey of 502 IT professionals, conducted by Hornetsecurity in August 2024.
About Hornetsecurity
Hornetsecurity is a leading global provider of next-generation cloud-based security, compliance, backup, and security awareness solutions that help companies and organizations of all sizes around the world. Its flagship product, 365 Total Protection, is the most comprehensive cloud security solution for Microsoft 365 on the market. Driven by innovation and cybersecurity excellence, Hornetsecurity is building a safer digital future and sustainable security cultures with its award-winning portfolio. Hornetsecurity operates in more than 120 countries through its international distribution network of 12,000+ channel partners and MSPs. Its premium services are used by more than 75,000 customers.
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Contact us at press@hornetsecurity.com.
Contact Information
Angelica Micallef Trigona
press@hornetsecurity.com
SOURCE: Hornetsecurity
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