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Email and collaboration security company Mimecast has released its latest Ransomware Readiness 2 report, showing that ransomware has become a major threat to organizations around the world, and Middle Eastern companies have not been immune to the devastating effects of ransomware attacks.
The report found that 59% of cybersecurity leaders in the UAE saw the number of cybersecurity attacks increase or remain the same over the past year, with 39% saying they experienced significant downtime due to ransomware attacks.
Mimecast’s Ransomware Readiness Status 2 report Based on insights from 1,100 cybersecurity decision makers in Australia, France, Canada, Germany, Netherlands, Northern Europe, Singapore, South Africa, UAE, UK and US.
According to Werno Gevers, a cybersecurity expert at Mimecast, business and security leaders believe ransomware attacks are almost inevitable. “Nearly 75% of businesses in the UAE reported that they had suffered a ransomware attack in the past year, higher than the global average of 64%. The consequences could be devastating: one-third of UAE cybersecurity teams experienced ransomware Increase in attacks. Number of people absent from work due to burnout after an attack, and 23% of executives changed due to a successful ransomware attack.”
The report further found that 44% of UAE organisations suffered a loss of revenue due to ransomware attacks in the past 12 months. This may partly explain why nearly half (46%) of cybersecurity professionals in the UAE are considering leaving within the next two years due to stress or burnout, with 73% of cybersecurity leaders in the region saying their jobs are more stressful each year.
Gevers said the study also found that 94 percent of global cybersecurity leaders believe more budgets are needed to combat ransomware, and 24 percent of UAE organizations seek to increase their annual cybersecurity budgets by 11 to 20 percent.
“Cybersecurity leaders need to focus on proactively reducing the chance of disruption caused by ransomware attacks. Organizations need to integrate security tools to improve threat detection and reduce stress on busy security teams. Good fundamental security practices must be in place to reduce vulnerabilities and security “Teams need to assess crisis plans to understand the true consequences of an attack. Leaders must acknowledge that cyber risk is a business risk and not leave the financial and HR burden to the IT team. “
Mimecast’s Ransomware Readiness Status 2 report is now available for download at www.mimecast.com/resources/ebooks/the-state-of-ransomware-readiness-2022/
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