50% of firms with cyberdefenses still victimized

Nearly 80 percent of organizations have placed measures against ransomware attacks but half of them still fell victim, according to Fortinet, stressing the need to step up cybersecurity defense.

Fortinet, in its 2023 Global Ransomware Report, noted this survey result showed “growing disconnect between ransomware preparedness and prevention.”

The cybersecurity expert explained that some organizations still have not enough knowledge when it comes to securing their systems against such a threat.

Others also have “no clear chain-of-command strategy” to tackle the cyberattacks, it added.

Ransomware allows hackers to hold an entity’s data or system hostage until a ransom is paid. It has become a form of service; in some cases, a ransomware kit could be bought from the dark web nowadays.

Unfortunately, almost three-quarters of the respondents paid some form of ransom to retrieve their data, the study showed. “These results demonstrate the urgency to move beyond simple detection to real-time response.

However, this is only part of the solution as organizations cited the top challenges in preventing attacks were related to their people and processes,” said Fortinet chief marketing officer and executive vice president of products John Maddison.

“A holistic approach to cybersecurity that goes beyond investing in essential technologies and prioritizes training is essential,” he added.

Last year, cybersecurity firm Kaspersky detected over 304,000 ransomware attacks targeting businesses in the Southeast Asian region. About 21,000 of these were in the Philippines.

The disruption in operations caused by such cyberattacks is detrimental to the business due to spending related to retrieval of their data or system, in addition to opportunity costs because of the downtime. Kaspersky advised businesses to have a unified platform that can give them visibility of all their systems to address ransomware and other cyberattacks.

“As the country moves toward sustaining its recovery, I hope Filipino businesses will be as aggressive in protecting their devices and their data as cybercriminals are persistent in preying on them,” said Chris Connell, managing director for Asia-Pacific at Kaspersky. INQ