Cyber criminals are escalating their demands, targeting small and medium-sized businesses during data breaches. A recent study unveiled that over half of these breaches involve ransom demands, leaving many victims in a tight spot.
Key Points
- Ransomware attacks made up 44% of all data breaches in 2024, increasing by 37% from the previous year.
- 51% of breaches in the Asia Pacific region involved ransom demands, with smaller businesses being the primary targets.
- The median ransom paid by organisations decreased from $150,000 to $115,000, yet two-thirds chose not to pay.
- Human error accounted for 60% of data breaches reported, despite the rise of sophisticated scams.
- Experts warn against the growing sophistication of AI tools used in cybercrime, particularly in crafting convincing phishing attempts.
Content Summary
This article discusses the alarming findings from Verizon Business’s annual Data Breach Investigations Report, which analysed over 22,000 security incidents worldwide. The report highlights that ransomware demands are on the rise, particularly affecting small and medium-sized enterprises (SMEs) due to their lack of preparedness. While large companies often have measures in place to resist such attacks, many smaller firms find themselves at a disadvantage, leading to increased financial losses. Notably, even though attacks are surging, the average amount ransomed has decreased, suggesting a shift in companies’ responses to these threats.
Moreover, the study underlines the need for firms to enhance their cybersecurity strategies and reassess their defensive measures in light of growing cyber threats.
Why should I read this?
If you’re running a business or just keeping an eye on cybersecurity trends, this article is a must-read. It sheds light on the persistent threat of ransomware and offers valuable insights into how businesses are responding—or not responding—to these attacks. You’ll get a clear picture of what’s happening in the world of data security and how to stay one step ahead of potential threats.