FEATURE
cybersecurityeurope
CHARTS
The top three most successful
ransomware attack vectors were email, web browsers via a computer and people’s own mobile devices. More than half of US organisations polled had been the victim of a successful ransomware attack within the last 18 months, while less than half of the UK respondents reported that. For both countries, customers and business prospects were the most likely entry point for an attack. Employees, contractors and suppliers were seen as serious security risks. Employees were seen as the weakest link in the cybersecurity chain, more so in the UK than the US. Employees ranked far above customers, suppliers and contractors as a threat. Remote working employees were viewed as one of the biggest challenges when protecting against ransomware. Menlo Security is backed by the fi nancial companies, Vista Equity Partners, Neuberger Berman, General Catalyst, American Express Ventures, Ericsson Ventures, HSBC, and JP Morgan Chase. All of whom are likely targets. One in 10 of the respondents to the survey admitted they were unable to identify how the attacks entered the company systems. With ransomware come payouts
as well as related
insurance and wider costs to industry. According to Menlo Security report survey, the average estimated cost is USD$326,531 with the insurance payouts extending up to an average of USD$555,971. Industry fi gures, the Menlo report states, show the average total cost of recovery from a ransomware attack for an organisation in 2021 was USD$1.4 million. This included organisations beyond the fi nance industry. In 2020, according to the US Government’s Department of the Treasury, ransomware payments reached over USD$400 million, more than four times their level in 2019.
One basic protection against ransomware is to backup data, so it exists in more than one location, beyond the reach of hackers’ code Ransomware attacks are increasingly leading to confi dential
data disclosures. Cyber security fi rm Rapid7 has stated that its own investigations found that fi nancial data was the most likely to appear in a ransomware data disclosure. Financial data accounted for 63% of all leaked data between April 2020 and February 2022. In what is called a “double extortion,” hackers steal data and leak that sensitive data to extort more money in a second attack on the victim - having carried out a normal ransomware attack of locking up computers. The hackers’ strategies are constantly evolving. The European Union Agency for Cybersecurity (ENISA) analysed 623 ransomware incidents across a range of industries and over a 14 month period until June 2022. Of the 623 incidents analysed, the top three countries attacked were the United States with 112 incidents, Germany with 96 incidents, and France with 78 incidents. Reported on in its July 2022 report, “Threat Landscape for Ransomware Attacks,” ENISA stated that out of the information stolen in those 623 ransomware attacks, 19% of it was fi nancial information. This includes departmental budgets, receipts, income declarations and
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