ARTICLE: Businesses are getting much better at dealing with ransomware attacks.

Companies believe they are becoming more adept at spotting, preventing, and minimizing ransomware issues. However, new research has cautioned that the number of successful attacks is still high, as is the number of companies that ultimately paid the ransom demand.

A large majority (78%) of the 569 cybersecurity leaders polled in Fortinet’s “2023 global ransomware study” who work in the manufacturing, technology, transportation, and healthcare sectors and are “very” or “very” prepared to neutralize a ransomware assault were found to be in these sectors.

Additionally, many businesses (72%) claimed they would be able to identify an incident within hours, sometimes even within minutes.

Peak levels

Ransomware remains a global threat, with almost half of organizations falling victim last year and almost three-quarters making ransom payments. Manufacturing organizations received higher ransoms and were more likely to pay the fee. Most firms are prioritizing an integrated approach to security, with AI and ML technologies promising faster detection times. Cyber insurance also plays a major role, but so far, it has not been successful.