Financial losses were a major factor; most organizations reported operational failures, reputation damage, and staff losses. “Outdated operating systems and applications often contain security vulnerabilities that cyber attackers can exploit. Even with robust defenses, there is always a risk of data loss or ransomware attacks,” the report said.
Problems with ransomware payments
Ransomware is the topmost problem; the survey suggests that around 27% of respondents suffered damage, and 80% agreed to pay ransom.
Despite the payments, recovery was not confirmed as only 60% could restore their data, while hackers asked for repayments again. The reports highlight that paying the ransom to hackers doesn’t ensure data recovery and can even lead to further extortion.
Transparency needed
There is an urgent need for transparency, as 71% respondents agreed that companies should disclose ransom payments and the money paid. Hiscox found that gangs are targeting sensitive data like executive emails, financial information, and contracts.
The report notes th
[…]
Content was cut in order to protect the source.Please visit the source for the rest of the article.
Read the original article: