Security News > 2024 > June > Cyber insurance isn’t the answer for ransom payments

"Our report delivers a clear message: ransomware attacks will continue, be more severe than predicted, and the overall impact will cost organizations more than they expect. Organizations must take action to ensure cyber resiliency and acknowledge that rapid, clean recovery matters most," added Russell.

Despite increased focus on cyber-preparedness, organizations still face a misalignment between their backup and cyber teams.

For the third consecutive year, 63% of organizations find their backup and cyber teams lacking synchronization.

For the third year in a row, 81% of organizations surveyed paid the ransom to end an attack and recover data.

Only 62% of the overall impact is in some way reclaimable through insurance or other means, with everything else going against the organization's bottom-dollar budget.

The most common component of a cyber preparedness playbook is a "Good backup." While cyber and backup teams may not always be organizationally aligned, when asked about the existence of an incident response team and whether that team had a playbook, a mere 2% of organizations lacked a pre-identified team.

News URL

https://www.helpnetsecurity.com/2024/06/07/ransomware-attacks-impact-cost-on-organizations/