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Ransomware Hit 40 Percent of Businesses in the Last Year

Perhaps most concerning: "3.5 percent even said lives were at stake because of ransomware's debilitating effects."

 & Angela Moscaritolo Managing Editor, Consumer Electronics

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Think your business is immune to the threat of ransomware? Think again.

SecurityWatchNearly 40 percent of enterprises were hit by ransomware in the past year, according to a new study sponsored by cyber-security firm Malwarebytes and conducted by Osterman Research. Moreover, 34 percent of those targeted lost money and 20 percent were forced to close up shop because of it.

Other alarming findings? US executives are "disproportionately targeted" and 96 percent of organizations aren't confident about their ability to stop this threat.

Osterman Research surveyed 540 CIOs, CISOs, and IT directors from companies with an average of 5,400 employees across the US, Canada, UK, and Germany. They found that nearly 80 percent of US companies have suffered a cyber attack in the last year, and more than half have experienced a ransomware incident.

"Over the last four years, ransomware has evolved into one of the biggest cyber-security threats in the wild, with instances of ransomware in exploit kits increasing 259 percent in the last five months alone," Malwarebytes Senior Security Researcher and ransomware expert Nathan Scott said in a statement.

The most prevalent ransomware attack vector? Email, the study found, with 46 percent of ransomware attacks originating via attachments or malicious links in messages.

As for the cost of attacks, the survey revealed that nearly 60 percent demanded more than $1,000 while 20 percent asked for around $10,000 and 1 percent tried to get companies to fork over more than $150,000. Globally, more than 40 percent of victims paid these ransom demands. Additionally, most spent more than an entire business day trying to shore up endpoints following an attack.

Even more concerning, though: "3.5 percent even said lives were at stake because of ransomware's debilitating effects," Malwarebytes reported.

The survey also suggests that healthcare and financial services organizations should be most concerned about ransomware. Both industries were targeted "well above" the average ransomware penetration rate of 39 percent—something we've seen at Hollywood Presbyterian Medical Center and Methodist Hospital in Henderson, Kentucky, among others.

Still, "any business in any region is incredibly vulnerable to ransomware," Malwarebytes CEO Marcin Kleczynski said in a statement. "Cybercriminals are increasing their use of ransomware in their attack strategies globally, causing business disruption, loss of files and wasted IT man-hours. In order to stay safe, businesses must invest heavily in both employee education and technology."

For more, check out How to Protect and Recover Your Business from Ransomware.

About Our Expert

Angela Moscaritolo

Angela Moscaritolo

Managing Editor, Consumer Electronics

My Experience

I'm PCMag's managing editor for consumer electronics, overseeing an experienced team of analysts covering smart home, home entertainment, wearables, fitness and health tech, and various other product categories. I have been with PCMag for more than 10 years, and in that time have written more than 6,000 articles and reviews for the site. I previously served as an analyst focused on smart home and wearable devices, and before that I was a reporter covering consumer tech news. I'm also a yoga instructor, and have been actively teaching group and private classes for nearly a decade. 

Prior to joining PCMag, I was a reporter for SC Magazine, focusing on hackers and computer security. I earned a BS in journalism from West Virginia University, and started my career writing for newspapers in New Jersey, Pennsylvania, and West Virginia.

The Technology I Use

My little Florida beach bungalow is brimming with smart home tech. I have a smart speaker or display in every room, allowing me to control other connected devices by voice. The Nest Hub on my bedside table lets me set wake-up alarms, control my smart light bulbs, and set the temperature on my smart thermostat. I use the Amazon Echo Show 8 on my kitchen counter to browse recipes, reorder protein powder, check the weather, and watch the news while I do dishes. 

Because I suffer from allergies, air purifiers are essential. My favorite model is the Dyson Purifier Cool TP07, which doubles as a fan and continuously sends indoor pollution data to its companion mobile app. 

My pitbull Bradley sheds, so a good robot vacuum is a must. I currently use a premium Ecovacs Deebot that can both vacuum and mop, empty its own dustbin, and wash its own mop cloth. 

For fitness, I like to mix up my routine with cycling, indoor rowing, running, and strength training in addition to yoga. I take classes on the Tonal 2 smart strength training machine, I row indoors on an Aviron machine, and track my beach runs with an Apple Watch while listening to music on my Apple AirPods Pro. On the weekends, I love riding e-bikes like the rugged, beach-friendly Aventon Aventure for fun and fitness.

My job involves a lot of virtual meetings, so a quality webcam, microphone, and ring light are important. I use the Jabra PanaCast 20 webcam, the Elgato Wave: 3 microphone, and a Yesker tripod ring light. 

As for my preferred phone platform, I'm an iPhone person, but I've also extensively used Android for product testing.

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