Sophos, a global leader in next-generation cybersecurity, has published a new sectoral survey report, “The State of Ransomware in Financial Services 2022.” The State of Ransomware in Financial survey polled of 5,600 IT professionals in mid-sized organizations across 31 countries, including 444 respondents from the financial services sector.
The findings reveal an increase of 62% in ransomware attacks on the organizations surveyed in this sector, 64% reported an increase in attack complexity and 55% reported an increase in the impact of attacks. Despite the jump in the financial services ransomware attack rate, the sector actually reported the lowest rate across all sectors surveyed.
When compared to other sectors, financial services organizations showed some of the highest resilience despite the rise in ransomware attacks with:
Only 54% reported that attackers successfully encrypted their data, compared to the global average of 65% across all sectors
10% were able to get the entirety of their data back after encryption, compared with 4% across all sectors
62% were able to recover from an attack in just a week, compared with the global average of 53% across all sectors
This suggests that the financial services sector has developed strong layered defenses against ransomware attacks with 83% of the organizations in the financial services sector stating they had secured cyber insurance coverage. To discover the impact of ransomware on financial services organizations’ experience over the last 12 months, you can download the report here.