Page 62 - Cyber Defense eMagazine December 2023

Ransomware and Evolving Threat Landscape

Ransomware attackers extorted at least $449.1 million from organizations in the first half of 2023 alone,
according to a threat assessment from the Department of Homeland Security. While that number may be eye-
popping on its own, what may be even more surprising to some is the complex economic environment
that supports it.

Ransomware is big business. There are employees, managers, and executives in ransomware cartels.
These criminal organizations conduct scams on their own, but they also license their service to other
threat actors in exchange for a cut of the proceeds, a phenomenon known as “ransomware-as-a-service.”
Threat volumes for all companies are extremely high, and the bad guys only have to win once, while
security teams have to win every time.

And the effects of a ransomware attack can be disastrous.

The average business experiences a recovery period of 22 days before resuming operations following a
ransomware attack, which frequently costs 50 times more than the ransom demand, DHS says.

Cloud ERP systems can offer a higher inherent degree of security due to their centralized updates and
expert-managed security protocols. They eliminate the inconsistencies of individual end-point security
measures by ensuring real-time, system-wide protection.
Cloud ERP systems serve as a lifeline in the high-stakes aftermath of a ransomware attack, by
significantly reducing recovery time and costs. These systems offer robust data backups and redundancy
measures, ensuring that businesses can restore operations quickly and efficiently without giving in to
ransom demands.

They also perform the same function in the face of natural disasters and other business disruptions. By
housing data in secure, remote servers managed by professionals with top-tier expertise in digital
security, these systems mitigate the risk of local data breaches and physical server damage.

Simplifying the Talent Gap

There are, according to research, just 69 cybersecurity candidates for every 100 job openings in the field.
Large companies struggle to hire, and often pay large salaries for talent. Mid-market firms can be shut
out.

Cloud ERP systems allow companies to draw on the expertise of the ERP maker, and they can further
expedite the integration of new security protocols and software updates. Instead of allocating resources
to find scarce cybersecurity experts, these companies can rely on the robust security measures that come
inherently with cloud-based ERP systems.

Cyber Defense eMagazine – December 2023 Edition 62
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