CyberSaint Finds Local Government and Utilities Overwhelming Most Likely to Pay Ransoms in “State of Ransomware Attacks Report”

BOSTON--(BUSINESS WIRE)--CyberSaint, the developer of the leading platform delivering cyber risk automation, announced today the release of the firm’s “State of Ransomware Attacks Report,” which identifies which sectors pay the most in ransom, have the propensity to pay, and delves into the future of ransomware.

“Organizations across all industries are dealing with the ransomware epidemic, which is dramatically increasing their risk of exposure to operational downtime, inability to deliver patient care and deliver utilities, like gas”

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Ransomware attacks have targeted and inflicted damage at all levels of the government and across varying industries. Local government, healthcare, energy, and financial services are just a few examples of the many sectors hit with ransomware attacks. Cybercriminals target valuable industries like critical infrastructure organizations. Since these sectors provide vital services, organizations are more likely to pay the ransom to protect the stolen data and restore provided services.

“Organizations across all industries are dealing with the ransomware epidemic, which is dramatically increasing their risk of exposure to operational downtime, inability to deliver patient care and deliver utilities, like gas,” said Padraic O’Reilly, Co-Founder & Chief Product Officer of CyberSaint. “As the government calls for more attention to cyber risk and reporting on those risk postures, there is an urgent need for every company and entity to fully understand their cyber exposure and how to mitigate it from exploitation.”

Key Findings:

• 44% of respondents in the education industry reported a ransomware event. 34% of respondents in the financial services sector and local governments reported a ransomware attack.
• Local government was the worst industry in terms of recovering from ransomware with backups.
• Across all industries, ransom payments in Q1 of 2019 averaged out to $12,762, but in just two years, in Q1 of 2021, ransom demands grew to $220,298.
• Specific industries tend to pay out the ransom more than others, such as the energy, oil, and utility sector - 43% of those respondents tend to pay the ransom. While energy and utilities led with their inclination to pay, other industries did not lag too far behind. Over a third of respondents in IT, retail, and business and professional services tended to pay out a ransom.

Organizations looking for a preventative approach can align with the NIST Framework Profile for Ransomware Risk Management to keep track of potential areas of compromise. This gold-standard framework helps organizations identify security objectives that support ransomware prevention, response, and recovery. Managing their unique Ransomware Profile allows organizations to gauge their readiness and program maturity. CyberSaint offers SMBs and start-ups the ability to align with the NIST Framework Profile for Ransomware Risk Management while getting an additional view into the NIST Cybersecurity Framework.

For more information on the report, please visit: https://www.cybersaint.io/resources/state-of-ransomware

About CyberSaint
CyberSaint's mission is to empower today's organizations to build a cybersecurity program that is as clear, actionable, and measurable as any other business function. CyberSaint's solutions empower teams, CISOs, and Boards to measure, mitigate, and communicate risk with agility and alignment.