Page 183 - Cyber Defense eMagazine December 2022 Edition

Even with the potential to face mountainous fines such as these, ThoughtLab’s report shows 40% of chief
information security officers (CISO) say their organizations are unprepared for a rapidly changing threat
landscape. Another study said there is a 20% chance of paying more than $5 million and a 5% chance
that the impact would be greater than $50 million.

Further research shows that the enterprises most at risk for these attacks, aside from personal home
computers, are healthcare services or other providers. This is because they carry the most attractive,
sought-after data and information for hackers.

When considering the new year’s budget, CISOs can suggest allocating expenses for updated software
protection services, full encryption and zero-trust security policies, and ask to set aside extra funds as a
safety net in the event of a ransomware attack. Even investing in ransomware insurance is an option.
How much a company is willing to spend on ransomware protection and mitigation is likely to be a hefty
conversation with the Board.

Most hackers request ransom payments to be paid through cryptocurrency services, with 98% of 2019
ransomware payments were paid through Bitcoin. The thieves request this kind of payment because
cryptocurrency offers anonymity and ease for them.

How greatly a ransomware attack impacts a business comes down to how prepared that business is for
an attack. Investing in the right protections at the beginning of the year can turn an attack from an
emergency to an inconvenience. Ultimately, finding room for proactive solutions against ransomware
attacks can potentially save a company millions of dollars in the long run. By safeguarding the company’s
confidential and valuable information, CISOs are lessening the chance for hackers to get in and building
trust across the board.

About the Author

Anurag Lal is the President & CEO of Infinite Convergence
Solutions and NetSfere. With more than 25 years of leadership
and operating experience in technology, mobile, SaaS, cloud and
telecom services, Anurag leads a talented team of innovators who
are transforming everyday messaging technology into secure,
highly scalable communication platforms that can be leveraged
across a variety of markets and segments. Appointed by the

Obama administration, Anurag also previously served as a
Director of the U.S. National Broadband Task Force (part of the
Federal Communications Commission). A frequent contributor on wireless connectivity, broadband and
related security issues, Anurag has received various industry accolades, including recognition by the
Wireless Broadband Industry Alliance in the U.K. for exceptional individual contributions to the wireless
broadband industry.
Anurag Lal can be reached on LinkedIn at https://www.linkedin.com/in/anuragl For more information
about NetSfere, please visit https://www.netsfere.com/.

Cyber Defense eMagazine – December 2022 Edition 183
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