As ransomware booms across APAC, there are early signs of a fight back

As ransomware booms
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As ransomware attacks become an everyday occurrence and as security professionals are under increasing amounts of stress, it would be easy to throw your hands in the air and surrender.

But, according to a survey from Claroty, experts in cyber physical security, there is hope.

The bad news is that, even though we thought the news would be bad, ransomware attacks are exploding in number and seriousness. And as ransomware booms, so attacks become more expensive, making the whole thing more worthwhile for the bad guys.

Across the Asia Pacific region, 80% of organisations have been hit by a cyberattack and half have paid a ransom. Ransoms run from half a million US dollars, to five million but, the survey found, the cost of losing business during the attack outweighed the cost of the ransom itself.

Add to this depressing figure the fact that, as ransomware booms, security professionals are suffering such stress that they are ignoring alarms and going out of their way to ensure someone else will have to deal with the problem and suddenly the air of defeat is palpable.

Yet, across the region, companies have increased the investment and speed of their digital transformation programmes, increased their security budgets and seem to be taking a firmer stance. Many say that new processes are being put in place.

The even better news is that, along with the extra money for defence, security is now a C level issue, and this, probably more than the extra money and better processes, means that security – and ransomware in particular – is something that is being properly prioritised at the top of the organisation.

As ransomware becomes ever more sophisticated – we noted last week that it is now big business – and attacks become higher profile (oil port terminals and KP Snacks) that it is likely to get worse before it gets better.

The good news is that, with that extra impetus from management, things are likely to get better, even if it does take a year or two.

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