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Ransomware concern drops despite being top cost

Fewer organisations are worried about ransomware even though it remains one of the most costly cyber-attacks.

Fewer organisations are worried about ransomware even though it remains one of the most costly cyber-attacks.

Concern does however remain reasonably high, with 84% of the 145 companies polled in the region saying ransomware is a worry, compared with 91% a year ago.

The research report said that at the same time, the proportion of organisations targeted by ransomware has fallen from 48% to 30% in the past year.

Despite these declines, the study also found that according to 32% of organisations ransomware remains the most expensive cyber threat to deal with. It also found that more organisations are electing to pay ransoms, up to 19% from just 3% a year ago.

Senior vice president international at Barracuda, Chris Ross, said that although the number of firms identifying ransomware as a concern has declined, 84% is still an “overwhelming majority”.

Ross said that when viewed alongside the fall in number of businesses impacted by ransomware attacks, this suggests that businesses may be better equipped than they were a year ago.

Ross urged organisations to ensure they carry out regular backups of their data regardless of how confident they are that they have got the right protection in place.

He said: “By backing up regularly, and adhering to the 3-2-1 backup rule, it is possible to significantly limit ransomware’s impact on an organisation and ensure that affected businesses are not forced into paying for a decryption key that may never be sent,”

The 3-2-1 backup rule recommends that organisations make three copies of all data, that they store those copies in two different environments, such as on-premise and in the cloud, and that they keep one backup copy offsite to keep it safe from any environmental issues.

Another key finding of the study found that email remains the most common way for ransomware to enter the network. Email was linked to 74% of attacks, while web traffic and network traffic were each linked to 18% of attacks.

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