New Research Shows Nearly Four out of Five (79%) Organizations Faced Ransomware Attacks within the Last Year

Rhea-AI Summary

Hitachi Vantara's report with Enterprise Strategy Group reveals that 79% of surveyed organizations experienced ransomware attacks in the past year. Alarmingly, 56% of these victims paid a ransom, with only 14% successfully recovering all data. Financial and operational impacts were reported by 73% of respondents, indicating that ransomware poses significant risks. The leading attack vector was application software vulnerabilities, affecting 36% of incidents. The report emphasizes the necessity for comprehensive ransomware preparedness strategies, integrating IT, security, and data protection practices.

Positive

• 79% of organizations surveyed experienced ransomware attacks in the last year, highlighting a growing market awareness.
• The report underscores the importance of a comprehensive ransomware preparedness strategy, potentially driving demand for Hitachi Vantara's solutions.

Negative

• 56% of victimized organizations paid ransom but only 14% fully recovered their data, raising concerns about the long-term effectiveness of such actions.
• 73% of organizations reported financial or operational impacts from ransomware attacks, indicating widespread vulnerability.

Storage Systems and Cloud-based Data are Most Targeted Environments, with Application Software Vulnerabilities Representing the Leading Point of Compromise

56% of Victimized Organizations Paid Ransom with Only 1 in 7 Regaining All Data Post Payment

SANTA CLARA, Calif., June 2, 2022  /PRNewswire/ -- Hitachi Vantara, the digital infrastructure, data management and analytics, and digital solutions subsidiary of Hitachi Ltd. (TSE: 6501), announced the findings of a co-sponsored research report with Enterprise Strategy Group (ESG) titled "The Long Road Ahead to Ransomware Preparedness," March 2022.

To download a copy of the report, visit: https://hitachivantara.com/en-us/pdf/ebook/long-road-ahead-to-ransomware-preparedness.pdf

Surveying more than 600 IT and cybersecurity professionals, nearly four out of five (79%) respondents reported a ransomware attack at their company within the last year. More troubling for organizations is the degree with which these attacks are successful. The survey found that nearly three quarters (73%) report that they have been financially or operationally impacted by these attacks. As noted in the report, "Every lost bit of data is money and may represent a key transaction that can never be reproduced. Losing data is like throwing money out the window in layman's terms."

"Cyber criminals have become more sophisticated over time and are using new and advanced methods to ensure their efforts are successful," said Christophe Bertrand, practice director, Enterprise Strategy Group. "For businesses today, the key to combatting this growing threat is to deploy a comprehensive ransomware readiness strategy. Ransomware readiness is a team sport, bringing together IT, security, and data protection groups for a diverse collection of preparedness activities which includes hardware, software and services, as well as insurance, readiness testing, employee security awareness training, playbook development, penetration testing, and more."

Storage Systems or Cloud-based Data account for 79% of impacted environments in successful ransomware attacks at 40% and 39%, respectively. Complicating matters, the leading point of compromise for attacks is application software vulnerability at 36%, with systems software, application user permissions, misconfigurations of external devices and email nearly equally splitting the remaining share.

"As a business leader, the most critical finding from this report is the discrepancy in potential value loss from a ransomware attack over other downtime events," said Tom Christensen, global technology advisor and executive analyst at Hitachi Vantara. "The potential loss of business value is magnified given the increased downtime and difficulty of data recovery, which is why it's important to not only build resilient infrastructure and applications but to foster a culture of perpetual preparedness throughout the organization."

"Ransomware is one of our biggest risks and we try to mitigate it to the best of our abilities," said Leong Boon Ang, Head of IT Security, National University of Singapore, a large university with more than 44,000 students, and 12,000 staff. "We are working with Hitachi Vantara to implement a private cloud storage solution where our users feel safe to store their data. In addition, we have two separate data centers with business continuity plans that includes disaster recovery. These provide us with multiple sources of backups and redundancy, not only for our data but also our virtual machines."

"We've all heard the last line of defense metaphor, but in reality, it's more a question of resiliency," said Marco Estrela, Senior Cybersecurity Advisor at Virtual Guardian/ESI Technologies. "Most customers are suffering from long data recovery periods if they even get that far. Even with a sound BCP/DRP strategy, traditional technology doesn't always support them like it should or how they would like it to. Enter Hitachi solutions which finally brings some relief on the technical side and actually makes our customers more resilient. In the end-to end cybersecurity chain, we count on Hitachi to help our customers not only safeguard against, but also recover efficiently from ransomware and other cyberthreats."

For more information on the study or to learn how Hitachi Vantara can help store, backup, and protect your data, click here.

Additional Resources

• Blog: Listening in on Ransomware Roundtables in Light of New Data
• Blog: Why Protecting Your Data is Key in the Fight Against Ransomware
• Learn More about Hitachi Content Platform Immutable Storage

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About Hitachi Vantara

Hitachi Vantara, a wholly-owned subsidiary of Hitachi, Ltd., guides our customers from what's now to what's next by solving their digital challenges. Working alongside each customer, we apply our unmatched industrial and digital capabilities to their data and applications to benefit both business and society. More than 80% of the Fortune 100 trust Hitachi Vantara to help them develop new revenue streams, unlock competitive advantages, lower costs, enhance customer experiences, and deliver social and environmental value. Visit us at www.hitachivantara.com.

About Hitachi, Ltd.

Hitachi, Ltd. (TSE: 6501), headquartered in Tokyo, Japan, is focused on its Social Innovation Business that combines information technology (IT), operational technology (OT) and products. The company's consolidated revenues for fiscal year 2020 (ended March 31, 2021) totaled 8,729.1 billion yen ($78.6 billion), with 871 consolidated subsidiaries and approximately 350,000 employees worldwide. Hitachi is working to increase social, environmental and economic value for its customers across six domains; IT, Energy, Industry, Mobility, Smart Life and Automotive Systems through Lumada, Hitachi's advanced digital solutions, services, and technologies for turning data into insights to drive digital innovation. For more information on Hitachi, please visit the company's website at https://www.hitachi.com.

HITACHI is a trademark or registered trademark of Hitachi, Ltd. All other trademarks, service marks, and company names are properties of their respective owners.

 

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SOURCE Hitachi Vantara Corporation

FAQ

What percentage of organizations faced ransomware attacks according to Hitachi Vantara's report?

According to Hitachi Vantara's report, 79% of surveyed organizations experienced ransomware attacks in the past year.

How many organizations recovered all their data after paying ransom?

Only 14% of organizations that paid ransom successfully recovered all their data.

What is the primary cause of successful ransomware attacks identified in the report?

The report identifies application software vulnerabilities as the leading point of compromise, affecting 36% of attacks.

What are the financial impacts reported by organizations facing ransomware?

73% of organizations reported being financially or operationally impacted by ransomware attacks.

When was the Hitachi Vantara ransomware preparedness report released?

The Hitachi Vantara ransomware preparedness report was released on June 2, 2022.