A deep-dive on ransomware attacks during the pandemic and how Sophos endpoint security is evolving to meet the threat.
The Coronavirus pandemic made way for a new wave of cyber threats and opportunistic attacks, as organisations grappled with a transition to remote working and remote operations.
One of the key trends and challenges throughout 2020 was a rise in ransomware as operators pioneered new ways to evade endpoint security products. According to cyber security specialists Sophos, ransomware will continue to be THE major security issue in 2021.
As highlighted in the Sophos 2020 Ransomware Report and echoed in the new Sophos 2021 Threat Report, ransomware is getting more destructive, more expensive, and uglier in its nature. Sophos found that ransomware attacks grew in every quarter of 2020 and that half of all UK organisations were hit by an attack. Of those targeted, 73% had their data encrypted.
The financial implication is huge. A full-scale attack set the average business back by nearly £550K. And, unfortunately, almost a quarter of all victims were forced to cough up and pay out in exchange for the safe return of their data. While comprehensive cyber insurance can help to safeguard the return of your data, it falls short of providing a complete solution. Your customer data has already unlawfully been exposed, potentially on the dark web. When your duty is to protect data, this can have a catastrophic affect on your brand and credibility.
The shift to public cloud has compromised security further. Some 70% of organisations that are actively hosting data or workloads in public cloud reported a security incident in the last year, according to the Sophos Public Cloud Report 2020
It is therefore essential that organisations take decisive action to reinforce their cyber security provision across all endpoints, from core to edge to cloud.
Invest to protect
One of the common reasons that organisations are not properly investing in cyber protection is lack of budget. Covid-19 has forced organisations to realign their IT spend, with a huge focus on remote working tools and infrastructure. To ensure businesses could keep the lights on, software-as-a-service (SaaS) has taken more than its share of the funding pot. As a result, cybersecurity has often been left under-financed.
However, investing in a complete cybersecurity system is critical to combat the rise in ransomware. Not only can organisations protect themselves from the devastating impact of a threat in terms of data violation, there is also a huge opportunity for cost savings. According to Sophos Cybersecurity Evolve Report, organisations that adopted a Sophos Next-gen Cybersecurity System more than halved the time and effort spent managing IT security.
Investing in the best defense possible is the best way to mitigate against the costly impact of cyber crime.