There is a massive surge in cyberattacks the past few years.
Well, if that’s the case, how come we haven’t heard of hundreds of more companies that have had to deal with ransomware issues?
Simple. A global survey of more than 1,400 IT bosses revealed that companies that get hit by the cyber thugs keep it to themselves. They will pay the ransom, but prefer to not reveal they were a victim.
Here’s what Ian McShane of Arctic Wolf told Fox Business.
“Most incidents do not get made public. After all, not every ransomware incident spreads to, nor takes down, an entire system or company infrastructure. Unsurprising when you think of the negative press and brand damage, let alone potential for fines or other penalties depending on the industry.”
Well said. Companies that get compromised almost have a Scarlett letter attached to them. It’s not a moment of pride, and investors and shareholders can be troubled with millions of dollars being paid to terrorists.
Here’s some other interesting revelations from the study.
Executives have essentially zero confidence in the federal government doing anything of substance to help businesses address cyber warfare.
China and Russia are viewed as the countries posing the biggest cyber threats.
. 78% of C-suite execs said they would definitely be willing to pay a ransom.
56% would pay over $100K if they had to in order to resume operations.
74% of executives do not believe their in-house IT teams have a shot at defending them from a cyberattack.