Your Ransomware Defense Has Failed. Now What?

"Ransomware attacks in finance continue to increase, according to the latest statistics from cybersecurity firm Sophos. In a survey of nearly 600 IT and cybersecurity professionals in the financial services industry, 65% said they were hit by ransomware in 2024 – up from 64% in 2023.

Financial services organizations have been a top target for ransomware attackers over the last few years, along with other industries like healthcare and manufacturing. The latest data suggests these attacks aren’t slowing down any time soon."

This is an extract from a recent InvenioIT report.

The message is clear : the question is not if an institution will be hit by ransomware, the question is when it will happen.

Regardless of the quality and price of any cyber defence system, a single human error can destroy the whole thing in a fraction of a second. And it happens...we read it on a daily basis...

However...on the question "are you 100 pct sure that your business services can recover from a successful cyber attack within your regulatory and contractual obligations?" not any senior executive can respond with a "yes"! 

For multiple reasons but not in the least because of the lack of end-to-end live tests..."too risky!"

Disaster Recovery Plans are carefully written and back-up infrastructures are carefully put in place. A yearly well-scripted and diligently prepared fall-back test may be organised and successfully completed...all the boxes ticked...until the test becomes unscripted reality.

Ironically enough, while a failing cyberdefense most often is caused by a human error, the failure to recover is most likely to be the consequence of a technical gap...a lack of capacity, a failing piece of hardware, a faulty configuration...things that don't require rocket science to be detected and corrected...assuming regular checks take place...which of  course costs money and efforts...

However, the cost of proper checks and tests can hardly outbalance those following a successful attack.

Don't shout from the roofs that it won't happen to you....

Karma is a bitch!