IT Pro is supported by its audience. When you purchase through links on our site, we may earn an affiliate commission. Learn more

Only a third of businesses have taken out insurance against ransomware attacks

Almost one in six also reported having no disaster recovery plan in place

Only a third (35.8%) of businesses have insurance cover for ransomware attacks, despite it being one of the most common forms of cyber threat.

That's according to a survey of more than 820 organisations by Hornetsecurity, which shared the findings exclusively with IT Pro.

The findings show that one in five (21.1%) had fallen victim to a ransomware attack, while almost one in 10 (9.2%) were forced to pay the ransom to recover data after an attack. This comes just weeks after a Unit 42 report found that ransomware payments had increased 82% since 2020 to a record $570,000 in the first half of 2021.

Hornetsecurity's report also revealed that of those reporting ransomware, just under 12% of respondents were able to recover data through backups, although some data was still lost during this process. The report added that the rise in prevalence of ransomware has prompted 71.3% of organisations to reconsider the ways they back up their data.

The two most common forms of prevention were end-point detection software with anti-ransomware capabilities (75.6%), and email filtration and threat analysis (76.1%). However, it also found a comparably low uptake (47.8%) in the use of air-gapped, offsite storage, which is highly effective in recovering data.

Despite the rising threat of ransomware, Hornetsecurity found that education on how to prevent ransomware attacks can be lacking, and employees often believe in cyber security myths. More than a quarter (28.7%) of surveyed organisations do not provide training to end-users on how to recognise and handle potential ransomware threats, despite them being the easiest targets of social engineering techniques such as phishing.

Related Resource

The best defence against ransomware

How ransomware is evolving and how to defend against it

Blue padlock Free download

Another 22.2% of those surveyed believe that Microsoft 365 data is immune to ransomware attacks, or stated that they don’t know whether it can be affected. This view can be dangerous for businesses: although notably secure, Microsoft 365 can fall victim to ransomware through malicious attachments sent via email or a potential system vulnerability.

Almost one in six (15.9%) of respondents also reported having no disaster recovery plan in place, making them unprepared to deal with a potential ransomware attack.

Hornetsecurity’s findings come days after CISA, the FBI, and the National Security Agency (NSA) released a joint Cybersecurity Advisory (CSA) warning organisations of increased threat of Conti attacks.

Featured Resources

Accelerating AI modernisation with data infrastructure

Generate business value from your AI initiatives

Free Download

Recommendations for managing AI risks

Integrate your external AI tool findings into your broader security programs

Free Download

Modernise your legacy databases in the cloud

An introduction to cloud databases

Free Download

Powering through to innovation

IT agility drive digital transformation

Free Download

Recommended

Best free malware removal tools 2022
Security

Best free malware removal tools 2022

22 Jun 2022
A guide to cyber security certification and training
Careers & training

A guide to cyber security certification and training

16 Jun 2022
What is shoulder surfing?
social engineering

What is shoulder surfing?

10 Jun 2022
CIAM buyer’s guide
Whitepaper

CIAM buyer’s guide

6 Jun 2022

Most Popular

LockBit 2.0 ransomware disguised as PDFs distributed in email attacks
Security

LockBit 2.0 ransomware disguised as PDFs distributed in email attacks

27 Jun 2022
The UK's best cities for tech workers in 2022
Business strategy

The UK's best cities for tech workers in 2022

24 Jun 2022
Carnival hit with $5 million fine over cyber security violations
cyber security

Carnival hit with $5 million fine over cyber security violations

27 Jun 2022