VLCM valued cybersecurity partner Sophos recently released The State of Ransomware in Financial Services 2022 report, which offers fresh insights into ransomware attacks, costs, recovery, and ransom payouts affecting financial services organizations over the last year.
The report is based on a Sophos annual study of the real-world ransomware experiences of IT professionals, of which 444 respondents came from the financial services sector, working in mid-sized companies (100-5,000 employees) across 31 countries.
The study reveals an increasingly challenging attack environment, and the growing financial and operational burden ransomware is placing on financial services organizations. It also sheds light on the relationship between ransomware and cyber insurance, including the role cyber insurance is playing in driving changes to cyber defenses.
The increasing rate of ransomware attacks in financial services demonstrates that adversaries have become considerably more capable of executing attacks at scale by successfully deploying the ransomware-as-a-service model.
Most financial services organizations are choosing to reduce the financial risk associated with such attacks by taking cyber insurance. For them, it’s reassuring to know that insurers pay some costs in almost all claims. However, the sector has one of the lowest ransom payout rates by insurers.
It’s getting harder for organizations, especially in the financial services sector, to secure coverage. This has driven almost all financial services organizations to make changes to their cyber defenses to improve their cyber insurance positions.
Read the full report: The State of Ransomware in Financial Services 2022