More than 50% of organisations were hit by ransomware last year — with many of them struck twice, indicating that they are failing to close the gap on exploits.
Sophos has announced the findings of its survey, “The State of Endpoint Security Today”, which shows the extent to which businesses are at risk of repeated ransomware attacks and are vulnerable to exploits.
The survey polled more than 2 700 IT decision makers from mid-sized businesses in 10 countries worldwide, including the US, Canada, Mexico, France, Germany, UK, Australia, Japan, India, and South Africa. The survey concludes that despite the high profile headlines of 2017, businesses are still not prepared to face today’s fast-evolving threats.
Ransomware continues to be a major issue across the globe with 54% of organisations surveyed hit in the last year and a further 31% expecting to be victims of an attack in the future. On average, respondents impacted by ransomware were struck twice.
“Ransomware is not a lightning strike — it can happen again and again to the same organization. We’re aware of cybercriminals unleashing four different ransomware families in half-hour increments to ensure at least one evades security and completes the attack,” says Dan Schiappa, senior vice-president and GM: products at Sophos.
“If IT managers are unable to thoroughly clean ransomware and other threats from their systems after attacks, they could be vulnerable to reinfection. No one can afford to be complacent. Cybercriminals are deploying multiple attack methods to succeed, whether using a mix of ransomware in a single campaign, taking advantage of a remote access opportunity, infecting a server, or disabling security software.”
This relentless attack methodology combined with the growth in Ransomware-as-a-Service, the anticipation of more complex threats, and the resurgence of worms like WannaCry and NotPetya puts businesses in serious need of a security makeover, according to Sophos. In fact, more than 77% of those impacted by ransomware were running up to date endpoint protection, confirming that traditional endpoint security is no longer enough to protect against today’s ransomware attacks.
“Organisations of all sizes are starting 2018 with inadequate protection against ransomware, despite last year’s international headlines,” says Schiappa. “Given the ingenuity, frequency, and financial impact of attacks, all businesses should re-evaluate their security to include predictive security technology that has the capabilities needed to combat ransomware and other costly cyber threats.”
According to those impacted by ransomware last year, the median total cost of a ransomware attack was $133 000. This extends beyond any ransom demanded and includes downtime, manpower, device cost, network cost, and lost opportunities. Five percent of those surveyed reported a $1,3-million to $6,6-million as total cost.
IT professionals also need to be aware of how exploits are used to gain access to a company’s system for data breaches, distributed-denial-of-service attacks, and cryptomining.
Unfortunately, Sophos’ survey revealed considerable misunderstanding around technologies to stop exploits with 69 percent unable to correctly identify the definition of anti-exploit software. With this confusion, it’s not surprising that 54 percent do not have anti-exploit technology in place at all.
This also suggests that a significant proportion of organizations have a misplaced belief that they are protected from this common attack technique yet are actually at significant risk.
“The lack of awareness and lack of protection against exploits is alarming. We’ve seen a resurgence in cybercriminals looking for vulnerabilities to actively use in countless attack campaigns. Five or six years ago we saw one per year, and last year as many as five new Office exploits have been used for cybercriminal activity, according to SophosLabs,” says Schiappa. “When cybercriminals are deliberately seeking out both known and zero-day vulnerabilities and an organization has a deficit in defenses, it adds up to a bad security situation.”
Intrusions from exploits have been happening for years but are still a prominent threat and often go undetected for months, if not years. Once inside a system, cybercriminals use complex malware that can hide in memory or camouflage itself. In many cases, businesses do not know they’ve been breached until someone finds a large cache of stolen data on the Dark Web.
Although 60% of respondents admitted their endpoint defenses are not enough to block the attacks seen last year, only 25% have predictive threat technologies, such as machine or deep learning, leaving 75% vulnerable to repeated ransomware attacks, exploits, and evolving advanced threats. Sixty percent plan to implement predictive threat technology within a year, yet confusion about it persists. Of those surveyed, 56% admitted that they do not have a full understanding of the differences between machine learning and deep learning.
“Given the speed at which cyber threats have evolved it is not surprising that many IT managers are unable to stay ahead of the next-generation technology required for security. Yet this knowledge gap could be placing operations at risk. Organizations need effective anti-ransomware, anti-exploit, and deep learning technology to stay secure in 2018 and beyond,” says Schiappa.
The State of Endpoint Security Today survey was conducted by Vanson Bourne, an independent specialist in market research.