The rise of financially motivated cyber-attacks has become a growing concern for businesses worldwide. In a recent report by Radware, it was revealed that the percentage of companies reporting such attacks has doubled over the past two years.
According to the 2017-2018 Global Application and Network Security Report, 50% of surveyed companies have fallen victim to cyber-attacks motivated by ransom in the past year. With the increasing value of cryptocurrencies like Bitcoin, which are often the preferred form of payment among hackers, ransom attacks have become more lucrative for cyber criminals. Carl Herberger, vice president of security solutions at Radware, emphasized that paying hackers in these situations not only encourages further attacks but also funds their criminal operations.
The number of companies reporting ransomware attacks has surged in the past year, rising by 40% since the previous survey in 2016. This trend is expected to continue in 2018, with one in four executives identifying ransom as the largest threat to their business sector in the upcoming year. Hackers have been using various methods to encrypt systems, steal intellectual property, and disrupt business operations, all while demanding ransom payments.
The report also highlighted the top concerns of businesses when faced with cyber-attacks. Data leakage was identified as the primary concern, followed by reputation loss and service outages. Despite the frequency of cyber-attacks, a significant number of organizations have not calculated the cost of such incidents, and many lack a cybersecurity emergency response plan.
Interestingly, the survey also revealed confusion among respondents regarding responsibility for IoT security. When asked who should take responsibility for IoT security, there was no clear consensus among security executives. Responses varied, with some citing the organization managing the network, others pointing to the manufacturer, and some placing responsibility on the consumers using IoT devices.
In conclusion, the prevalence of financially motivated cyber-attacks poses a significant threat to businesses of all sizes. As hackers become more sophisticated and automated in their methods, organizations must prioritize proactive cybersecurity measures to protect their data, reputation, and operations. With the evolving landscape of cyber threats, it is essential for businesses to stay vigilant and prepared to mitigate the risks posed by cyber-attacks.