European businesses both aware and unprepared for ransomware

Many fear it, but only a handful are doing something about it.

(Image: © Image Credit: WK1003Mike / Shutterstock )

Ransomware was the number one way hackers attacked businesses in 2016, a new report by Radware confirms.

The report, entitled Global Application and Network Security Report 2016-2017, says 49 per cent of European businesses confirmed cyber-ransom as the biggest motivator last year.

That basically represents a 100 per cent increase compared to a year before, when it stood at 25 per cent. 

A quarter of IT pros in Europe said they feared either partial, or a full outage, following a cyber-attack. Another quarter (23 per cent) feared data leakage, or data loss, while 18 per cent were worried about a ruined reputation. Another seven per cent worried about service degradation, and six per cent feared they’d lose customers, or partners. 

Being so well-aware of the dangers that loom, you’d suspect businesses would be prepared for cyber-criminals? 

Think again. Less than half of businesses in Europe said they were well-prepared for a cyber-attack. More than four in ten (44 per cent) have no cyber-security emergency response plan, whatsoever. Three quarters (77 per cent) didn’t have cyber-insurance, either.

“The message from our report couldn’t be clearer: Money is the top motivator in the threat landscape today,” said Pascal Geenens, Radware’s EMEA Security Evangelist. “Attackers have expanded their skillset and are leveraging new tools in their attempts to access lucrative data. Whether it is a ransom attack to lock a company’s data, a DDoS smokescreen to facilitate information theft or a brute force attack to attempt to gain direct access to internal data, attackers have shown that unprepared businesses will be easy targets.

Image Credit:  WK1003Mike / Shutterstock