Fortinet Survey Finds 78% of Organizations Felt Prepared for
Ransomware Attacks, Yet Half Still Fell Victim
RSAC 2023
John Maddison, EVP of Products and CMO
at Fortinet"According to the Fortinet research released
today, though three out of four organizations detected ransomware
attacks early, half still fell victim to them. These results
demonstrate the urgency to move beyond simple detection to
real-time response. However, this is only part of the solution as
organizations cited the top challenges in preventing attacks were
related to their people and processes. A holistic approach to
cybersecurity that goes beyond investing in essential technologies
and prioritizes training is essential.”
News Summary
Fortinet® (NASDAQ: FTNT), the global
cybersecurity leader driving the convergence of networking and
security, today unveiled its 2023 Global Ransomware Report. The
report is based on a recent global survey conducted by Fortinet and
explores cybersecurity leaders’ perspectives on ransomware,
particularly how it impacted their organizations in the last year,
and their strategies to mitigate an attack. Key findings from the
global survey include:
- The global threat of ransomware
remains at peak levels, with half of organizations across all
sizes, regions and industries falling victim in the last year.
- The top challenges to stopping a
ransomware attack were people and process related, with many
organizations lacking clarity on how to secure against the
threat.
- There are a range of technologies
viewed as essential to prevent ransomware, with an overwhelming
majority prioritizing an integrated approach to security.
- Despite the global macroeconomic
environment, security budgets will increase in the next year with a
focus on AI/ML technologies to speed detection, centralized
monitoring tools to speed response, and better preparation of
people and processes.
A Growing Disconnect Between Ransomware
Preparedness and Prevention
Fortinet’s research revealed there was a large
disconnect between respondents’ level of preparedness with existing
strategies and their ability to stop a ransomware attack. Although
78% of organizations stated they were “very” or “extremely”
prepared to mitigate an attack, the survey found 50% fell victim to
ransomware in the last year, and almost half were targeted two or
more times. Specifically, four out of the five top challenges to
stopping ransomware were people or process related. The second
largest challenge was a lack of clarity on how to secure against
the threat as a result of a lack of user awareness and training,
and no clear chain-of-command strategy to deal with attacks.
More Organizations are Paying the
Ransom, Despite Industry Guidance
The survey also found that despite most (72%)
detecting an incident within hours, and sometimes minutes, the
percentage of organizations paying ransoms remains high, with
almost three-quarters of respondents making some form of ransom
payment. When comparing across industries, organizations in the
manufacturing sector received higher ransoms and were more likely
to pay the fee. Specifically, one quarter of attacks among
manufacturing organizations received a ransom of $1M or higher.
Finally, while almost all organizations (88%) reported having cyber
insurance, almost 40% didn’t receive as much coverage as expected
and, in some cases, didn’t receive any because of an exception from
the insurer.
Security Budgets will Increase Despite
Economic Uncertainty
With concerns about ransomware still high and
despite a challenging global economic environment, nearly all
organizations (91%) expect increased security budgets in the next
year. Based on the technologies viewed as most essential to secure
against ransomware, organizations were most concerned with IoT
Security, SASE, Cloud Workload Protection, NGFW, EDR, ZTNA, and
Security Email Gateway. When comparing to 2021, the number of
respondents citing ZTNA and Secure Email Gateway increased by
nearly 20%. Given email phishing remained the most common attack
entry method for the second time, it was promising to see
respondents view Secure Email Gateway (51%) with higher importance,
however, other essential protections, such as Sandboxing (23%) and
Network Segmentation (20%) remained low on the list.
In the future, top priorities for respondents
will be investing in advanced technology powered by AI and ML to
enable faster threat detection and central monitoring tools to
speed response. These investments will help organizations combat a
rapidly evolving threat landscape as cyber attackers become more
aggressive and deploy new elements into attacks.
Enhancing Ransomware Protection Through
a Platform Approach
In addition, the report found that organizations
using point products were the most likely to fall victim to an
attack in the last year, while those who had consolidated to a
smaller number of platforms were the least likely to be a victim.
Further, almost all respondents (99%) viewed integrated solutions
or a platform as essential to preventing ransomware attacks. These
findings underscore the importance of leveraging a unified platform
approach to defend against ransomware.
Fortinet supports organizations looking to
improve their processes and advance cybersecurity skills by
providing services such as Incident Readiness Assessments and
Tabletop Exercises, Ransomware Readiness Assessments,
SOC-as-a-Service, and SOC Readiness Assessments, as well as
comprehensive training from one of the largest programs in the
industry, the Fortinet Training Institute. With its
industry-leading Security Fabric of over 50 natively integrated,
enterprise-grade products, Fortinet continues to be the leading
vendor helping organizations consolidate their point products into
a unified cybersecurity platform. This platform approach, with open
APIs and a robust Fabric-Ready technology alliance ecosystem,
enables CISOs and security teams to reduce complexity, increase
efficacy in the prevention and detection of ransomware, and speed
incident triage, investigation and response.
Learn More about the Fortinet Security
Fabric in the Fortinet Booth at RSA 2023
Fortinet is a Platinum Sponsor at this year’s
RSA Conference and will be showcasing live demonstrations of its
Security Fabric and cybersecurity solutions at booth #5863. Stop by
the booth for a range of interactive discussions on how to protect
your business from ransomware and learn more about Fortinet and its
presentations at RSA in this blog post.
Report Overview:
- The survey was conducted among 569
cybersecurity leaders from 31 different locations around the world,
including the United States, United Kingdom, France, India, and
Japan, among others.
- Survey respondents came from a range
of industries, such as manufacturing (29%), technology (19%),
transportation (12%) and healthcare (11%).
Additional Resources
- Read the blog for key takeaways from
Fortinet’s 2023 Global Ransomware Report, including a breakdown on
how ransomware has impacted regions across the globe.
- Learn more about how the Fortinet
Security Fabric brings end-to-end security to organizations of all
sizes to prevent ransomware across all points of entry.
- Learn about Fortinet’s free
cybersecurity training, which includes broad cyber awareness and
product training. As part of the Fortinet Training Advancement
Agenda (TAA), the Fortinet Training Institute also provides
training and certification through the Network Security Expert
(NSE) Certification, Academic Partner, and Education Outreach
programs.
- Learn more about FortiGuard Labs
threat intelligence and research and Outbreak Alerts, which provide
timely steps to mitigate breaking cybersecurity attacks.
- Learn more about Fortinet’s
FortiGuard Security Services portfolio.
- Read about how Fortinet customers
are securing their organizations.
- Follow Fortinet on Twitter,
LinkedIn, Facebook, and Instagram. Subscribe to Fortinet on our
blog or YouTube.
About Fortinet
Fortinet (NASDAQ: FTNT) is a driving force in
the evolution of cybersecurity and the convergence of networking
and security. Our mission is to secure people, devices, and data
everywhere, and today we deliver cybersecurity everywhere you need
it with the largest integrated portfolio of over 50
enterprise-grade products. Well over half a million customers trust
Fortinet's solutions, which are among the most deployed, most
patented, and most validated in the industry. The Fortinet Training
Institute, one of the largest and broadest training programs in the
industry, is dedicated to making cybersecurity training and new
career opportunities available to everyone. FortiGuard Labs,
Fortinet’s elite threat intelligence and research organization,
develops and utilizes leading-edge machine learning and AI
technologies to provide customers with timely and consistently
top-rated protection and actionable threat intelligence. Learn more
at https://www.fortinet.com, the Fortinet Blog, and FortiGuard
Labs.
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Media Contact: |
Investor Contact: |
Analyst Contact: |
Camille BurdgeFortinet, Inc.408-235-7700pr@fortinet.com |
Peter SalkowskiFortinet, Inc.
408-331-4595psalkowski@fortinet.com |
Brian Greenberg Fortinet,
Inc.408-235-7700analystrelations@fortinet.com |
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