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Ransomware recovery perils: 40% of paying victims still lose their data
Paying the ransom is no guarantee of a smooth or even successful recovery of data. But that isn’t even the only issue security leaders will face under fire. Preparation is key.
Two in five companies that pay cybercriminals for ransomware decryption fail to recover data as a result, according to a survey of 1,000s SMEs by insurance provider Hiscox.
The survey also revealed that ransomware remains a major threat, with 27% of businesses surveyed reporting an attack in the past year. Of those affected, 80% — which includes both insured and uninsured businesses — paid a ransom in an attempt to recover or protect critical data.
See: https://www.csoonline.com/article/4077484/ransomware-recovery-perils-40-of-paying-victims-still-lose-their-data.html
There are several excellent take-away ideas in the following article. The “ransomware economy” continues to evolve. Accordingly, tactics are also changing. Companies have prepared better but attackers have countered with new approaches and new goals.
The last paragraph captures a key element of cybersecurity and it echoes a thought expressed in this newsletter and others ---
“Cybersecurity can't be an afterthought. It is now more important than ever that organizations -- especially mid-market size and larger -- invest in and implement robust security practices, strategies, and post-incident procedures. Businesses should also consider penetration testing to resolve cybersecurity vulnerabilities before they can be exploited.”
No one pays ransomware demands anymore - so attackers have a new goal
Ransomware payments were made in around 85% of attacks in 2019. But things have changed dramatically since then. Here's why.
https://www.zdnet.com/article/no-one-pays-ransomware-demands-anymore-so-attackers-have-a-new-goal/
Looking down the road
Quantum computing is predicted to be the future. It will solve an amazing array of problems. Unfortunately, some of the problems quantum computing will be able to solve will impact just about all aspects of daily life. This article explores what may happen and the impacts.
Quantum Computing Is Coming for Your Digital Secrets
When Q-Day arrives, anything encrypted—emails, banking info, classified materials—will be up for grabs
https://thewalrus.ca/quantum-computing/
NIST announces Post-Quantum Encryption Standards; encourages companies to start using them
Luckily quantum computing and its potential power to solve the encryption that secures today’s information flows has been known for some time. One of the organizations studying quantum computing and its potential effect has been NIST – the National Institute for Standards and Technology. On August 13, 2024, NIST posted an article announcing its Release of the First 3
Finalized Post-Quantum Encryption Standards
One of the statements made at the end of the article was - “Go ahead and start using these three. We need to be prepared in case of an attack that defeats the algorithms in these three standards, and we will continue working on backup plans to keep our data safe. But for most applications, these new standards are the main event.”
https://www.nist.gov/news-events/news/2024/08/nist-releases-first-3-finalized-post-quantum-encryption-standards
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