More than half of firms hit by ransomware

Ransomware attacks have grown by 62 percent with more than half of firms hit in the last year.

According to Sophos’ State of Ransomware in Financial Services report, 55 per ent of financial services organisations were hit with ransomware in 2021 – a steep 62 percent increase over the year prior according to the research that Sophos released today.

While the number and complexity of attacks grew, only 54 per cent of respondents reported that the attackers succeeded in encrypting their data, considerably below the global average of 65 percent.

This suggests that the financial sector has strong layered defences put in place in order to meet compliance measures and protect the valuable assets they deal with; another possibility is that the addition of cyber insurance security standards is driving these organisations to improve their defences.