Study reveals ransomware impacts all organisations, security training key

New research from OpenText indicates that ransomware attacks are having an impact on organisations of all sizes. According to the Cybersecurity 2024 Global Ransomware Survey, now in its third year, attackers are using generative artificial intelligence (AI) to make phishing attacks more sophisticated while also focusing on supply chains. The study found that 48% of respondents reported experiencing a ransomware attack, of which 73% of attacks were this year, and with SMBs being targeted more than large enterprises. Of the organisations that were attacked, 46% paid the ransom, with 31% of those payments being between $1 million and $5 million. Almost all respondents, 91%, indicated their concerns over ransomware attacks on their company’s downstream software supply chain third-party and connected partners.

Furthermore, the rise of AI has increased the frequency and complexity of phishing attacks, with 55% of survey participants believing that their companies are at greater risk of suffering a ransomware attack due to AI usage among threat actors. 

On a positive note, the survey revealed that businesses are increasing investments in cybersecurity, focusing on cloud security and security awareness training. On the latter point, 91% of respondents stated that their companies require employees to participate in security awareness or phishing training, of which 66% reported conducting quarterly training, up from 39% in 2023. The trend highlights a growing emphasis on addressing ransomware threats.