Video: The Ransomware Threat - Targets, Insights, and Strategies
Date:
January 11, 2024
Ransomware is no longer considered just a technical threat, but rather the largest single risk to any organization. According to research from 2022, 85% of companies are the victim of at least one ransomware attack per year, and 74% have experienced multiple attacks.
Current endpoint protection solutions available on the market, while robust and effective for many threats, do not fully protect against ransomware attacks because they were designed to find and block commodity malware.
Halcyon CEO and co-founder Jon Miller joins This Week in Startups host John Calacanis to shed some light on the the rapidly growing ransomware threat:
The annual impact from ransomware attacks in the US alone is estimated to be more than $30 billion dollars. Remediation costs following a ransomware attack average more than $4M per incident per each targeted organization.
This figure does not include additional incident response costs, tangential costs, damage to the brand, lost revenue, lost production from downed systems, and other collateral damage:
- Intellectual Property and Regulated Data Loss: After an attacker successfully executes their attack, they do not simply deny access to your data – they will send that data outside of your network and threaten to leak it publicly. For many organizations this exposure of customer data has regulatory implications and can lead to lawsuits and fines. Additionally, sensitive data on corporate transactions, patents, etc. can end up in the attackers' hands and be sold to the highest bidder on dark web forums.
- Incident Response and Remediation Costs: The average incident response cost for a ransomware attack is $4.54 million, more than the average cost of a data breach at $4.35 million. While larger organizations can absorb these costs, this potentially represents an existential threat to smaller companies.
- Associated Costs to the Business: The above figures did not even include the ransom payment, the long-term damage to an organizations’ brand (loss of consumer trust), increased cyber insurance premiums, legal fees, or lost revenue which can far exceed remediation costs – this is why the focus needs to be on both prevention and resilience.
The Halcyon Mission: Defeat Ransomware
Legacy security tools were simply not designed to address the unique threat that ransomware presents, so we keep seeing destructive ransomware attacks circumvent these solutions.
The Halcyon Anti-Ransomware Platform:
- Detects and blocks both known and novel ransomware families via multi-layer, AI-powered prevention, detection and response engines.
- Delivers built-in endpoint agent hardening and ensures existing solutions are protected from bypass and unhooking techniques.
- Provides redundant resiliency features through autonomous host isolation and encryption key capture for swift automated recovery.
The unique Halcyon Anti-Ransomware Platform is easy to deploy, does not conflict with existing endpoint security solutions, and provides multiple, unique levels of protection against ransomware attacks. Halcyon is the first platform to leverage advanced AI/ML detection models specifically trained to defeat ransomware.
Talk to a Halcyon expert today to find out more and check out our Recent Ransomware Attacks resource site to get near real-time tracking of ransomware attacks, threat actor groups and their victims.
