Ride the Lightning

Cybersecurity and Future of Law Practice Blog
by Sharon D. Nelson Esq., President of Sensei Enterprises, Inc.

Sophos 2022 Report: 66% of Organizations Hit by Ransomware in 2021

July 12, 2022

Sophos released its “The State of Ransomware 2022” report in April 2022.

Here are some of the most interesting stats:

  • 66% of organizations were hit by ransomware in 2021
  • 65% resulted in their data being encrypted
  • 72 had an increase in volume/complexity/impact of cyber attacks
  • 99% got some encrypted data (much no doubt from backups)
  • 46% paid the ransom
  • 61% had encrypted data restored after paying the ransom
  • Only 4% of organizations that paid the ransom got all their data back
  • 3 times as many respondents paid $1 million or more
  • The average ransomware payment was $812,360
  • 90% reported the attack impeded their ability to operate
  • 86% reported the attack caused a loss of business/revenue
  • $14 million was the average remediation cost
  • It took an average of one month to recover from an attack
  • 83% have cyber insurance which covers ransomware
  • 94% found it harder t0 secure cyber insurance in 2021
  • 97% of those with cyber insurance made changes to their defenses to improve their cyber insurance position
  • 98% was the pay-out rate on ransomware claims
  • Only 40% of cyber insurance policies covered the ransom payout
  • On the flip side, cyber insurance policies paid 77% of the clean-up costs

The report includes five top cybersecurity tips as follows:

  1. Ensure high-quality defenses at all points in your environment. Review your security controls and make sure they continue to meet your needs.
  2. Proactively hunt for threats so you can stop adversaries before they can execute their attack – if you don’t have the time or skills in house, outsource to a MDR specialist.
  3. Harden your environment by searching for and closing down security gaps: unpatched devices, unprotected machines, open RDP ports, etc. Extended Detection and Response (XDR) is ideal for this purpose.
  4. Prepare for the worst. Know what to do if a cyber incident occurs and who need to contact.
  5. Make backups and practice restoring from them. Your goal is to get back up and running quickly, with minimum disruption.”

As ever ransomware continues to be a formidable enemy – the stats show how it has evolved.

Sharon D. Nelson, Esq., PresidentSensei Enterprises, Inc.
3975 University Drive, Suite 225Fairfax, VA 22030
Email:   Phone: 703-359-0700
Digital Forensics/Cybersecurity/Information Technology