Firms are enhancing their ability to withstand crises, expediting their reaction times in handling emergencies
In the digital age, organizations face a substantial risk of legal action, especially those that collect data and manage digital assets. This risk is particularly pronounced in regions like Germany, where new regulatory requirements and the need for BaFin licenses, such as the eWpG (electronic securities act), have heightened the legal risks for financial institutions, FinTechs, and cryptocurrency-related businesses.
To combat this, many organizations have taken proactive steps to bolster their cybersecurity defences. These measures include the implementation of multifactor authentication, endpoint detection and response tools, the addition of immutable backups, and the establishment of security operations centres.
These changes have significantly impacted the landscape of data security incidents and response times. In 2022, while ransomware incidents initially lagged behind 2021 levels, there was a surge at the end of the year. Despite this, the time it took to respond to, contain, and investigate incidents dropped significantly. Containment now takes three days instead of four, and investigations took an average of 36 days, compared with 41 days the prior year.
The average ransom demanded in 2022 was $3.7 million, while the average ransom paid was over $600,000, a 15% increase from prior-year figures. The healthcare industry saw the largest increase in paid ransoms, surging 78% to $1.56 million.
Malicious actors have not been idle, employing new methods for attacks such as multifactor authentication bombing, EDR-evading malware, social engineering, search engine optimization poisoning, and creating fake websites.
However, these efforts have not gone unnoticed. A study by BakerHostetler shows that the number of data security incidents in 2022 was almost identical to the prior year. Over 1,160 security incidents were analysed in the report, showing many organizations have implemented stronger measures to boost their resiliency.
Craig Hoffman, a partner at BakerHostetler, noted that organizations on the tail end of adopting new security measures may stand out as outliers to regulators. As such, it is crucial for organizations to continue to adapt and evolve their cybersecurity strategies to remain ahead of the curve and protect their digital assets.
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