Ransomware is increasingly becoming a threat impacting organizations. The schematic illustration below is intended to depict how a ransomware incident can occur. Ransomware keeps managers and security professionals up at night because of the disruptive nature of cyberattacks.
The fear is certainly justified
The fear is certainly justified. The cost to remediate and recover from cyberattacks is consistently increasing yearly, and the number of attacks that organizations experience is also growing. Organizations are reporting a 7% increase in cyberattacks in terms of volume, and they are having a tough time keeping up with staff and budget limitations. Malefactors are taking advantage of increasingly lucrative and easier to deploy cyberattack campaigns and stratagems. In general, companies that are better prepared tend to cope better against such cyberattacks.
Ransomware as a service
Ransomware as a service has become its own industry. Several wrongdoers are purchasing ransomware campaigns that are created by highly skilled professionals. Ransomware as a service is the adversarial equivalent to as-a-service offerings provided by organizations to help reduce capital costs. Malefactors now have access to ransomware subscriptions executed by using operational expenditures significantly reducing the cost initiate attacks.
For example, the recently identified EvilProxy service had campaigns starting at just $150 USD. In addition, campaigns like EvilProxy are emerging. EvilProxy was revolutionary in providing non-technical, non-sophisticated wrongdoers access to mature, professional-grade cyberattack resources through a simple point-and-click user interface similar to common e-commerce sites. As-a-service campaigns are illustrated by attackers repeatedly assaulting the same organization.
Organizations are being targeted multiple times post-ransom payment.
Smaller organizations are increasingly paying ransoms and being retargeted.
To make things worse, the average cost per data record compromised has increased from $40 to $42 USD. The implications are that smaller organizations are often unable to recover when they are targeted by ransomware campaigns.
 IBM Cyber Threat Study.
Senior management deals with many challenges. Senior management is becoming an increasingly targeted group for spear phishing campaigns as they are often too busy to maintain strong cybersecurity hygiene. In addition, executives are having a difficult time managing resource constraints because skilled and experienced cybersecurity professionals are rare. There are currently more cybersecurity jobs requiring qualified personnel than there are individuals to fill the responsibilities. This leads to higher costs for organizations looking to onboard security professionals.
The cost of technologies to mitigate ransomware are also increasing. As a result, organizations have fewer monetary resources to fund the necessary tools to prevent ransomware and recover from cyberattacks. Nearly one-quarter of organizations that have budgets do not have the capacity to sufficiently finance security operations. These challenges are amplified by the stark realization that enterprise-grade technology solutions cost thousands to several hundred thousand dollars, while ransomware campaigns have starting costs at a fraction of the cost of mitigation.
 CDW Security Study 2022.
What Organizations Can Do to Prepare Themselves in the Event of a Ransomware
Organizations should strive to improve their recovery procedures after a cyberattack. This goes with having a risk-management focus when building their strategies.
Ransomware is a threat to your organization. It is imperative that you prepare your processes, information system and your team for an attack.
Simply Secure Training for SMB (Rogers Cybersecure Catalyst)
10 steps to an efective cybersecurity program (Rogers Cybersecure Catalyst)
How ransomware happens and how to stop it (Government of New-Zealand)
Ransomware Playbook (Canadian Centre for Cybersecurity)
How to Prevent and Recover From Ransomware (Canadian Centre for Cybersecurity)