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Ransomware Attacks on Small Businesses and Enterprises: The Alarming Statistics Revealed

Writer's picture: The Cibernetica GroupThe Cibernetica Group

Ransomware awareness

Ransomware attacks continue to escalate, posing a significant threat to both small businesses and enterprises. The statistics provided by Fortinet paint a stark picture of the vulnerabilities faced by organizations worldwide. In 2022, small businesses reported a staggering 832 incidents of data breaches, with ransomware accounting for almost 80% of these attacks. Enterprises, too, experienced a rising number of ransomware incidents, and the consequences were far-reaching, affecting workflows, employees, and even company leadership.


Small Businesses: A Prime Target for Ransomware

According to UpCity, an alarming revelation emerges - only half of U.S. small businesses have a cybersecurity plan in place. This lack of preparedness makes them particularly vulnerable to cyber threats, including ransomware attacks.


Global Impact of Ransomware Trends

Fortinet's study, incorporating data from Statista, highlighted that 71% of businesses worldwide felt the impact of ransomware trends. An unsettling 62.9% of ransomware victims chose to pay the ransom, further emboldening cybercriminals to strike again.


Rising Ransomware Incidents and Third-Party Compromises

Cybereason's survey of cybersecurity professionals discovered that nearly three-quarters (73%) of organizations experienced at least one ransomware attack. Worryingly, the number of attacks surged by 33% compared to the previous year's figures. Notably, a significant 64% of ransomware attacks resulted from the compromise of third-party suppliers, exposing the potential risks in supply chain security.


Consequences of Ransomware Attacks

Ransomware attacks exacted a heavy toll on businesses, causing disruptions to operations and even leading to employee layoffs and C-level resignations. Almost 40% of enterprises had to let go of employees following an attack, and 35% witnessed the resignation of top-level executives. Temporary suspensions of operations affected 33% of organizations, highlighting the severe impact on business continuity.


Prolonged Undetected Access and Repeated Attacks

The statistics revealed that attackers often lingered in the network for extended periods before detection. A staggering 63% of organizations reported that the attackers remained undetected for up to six months, with 21% granting unauthorized access for 7-12 months, and 16% allowing access for over a year. Even more concerning, 80% of businesses that paid the ransom faced another ransomware attack, and 68% experienced a second attack within just a month.


Costly Ransom Payments and Data Corruption

Despite the risks, many organizations paid the ransom to mitigate revenue losses and expedite the recovery process. A substantial 49% paid the ransom to prevent revenue losses, while 41% aimed to speed up recovery. Regrettably, a majority of those who paid the ransom (67%) reported losses ranging from $1 to $10 million. Removing the encryption often resulted in corrupted data, further exacerbating the damage.


The Most Affected Business Verticals

Certain business sectors were disproportionately impacted by ransomware attacks. The legal, finance, manufacturing, and human resources industries emerged as the most vulnerable, facing a higher frequency of attacks.


The alarming ransomware statistics provided by Fortinet underline the urgent need for businesses to bolster their cybersecurity measures. Small businesses and enterprises alike must prioritize preparedness, invest in robust security systems, and implement stringent data protection protocols. As ransomware attacks continue to evolve, proactive defense is the key to safeguarding valuable data, preserving reputation, and maintaining uninterrupted operations in the face of these persistent threats.



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