Cyber Defense Confidence Ebbs as Ransomware Attacks Multiply
Despite Washington’s recent attempts to expand cybersecurity rules and disrupt hacking gangs, ransomware continues to proliferate and executives report unease about their companies’ ability to ward off the threat. The number of ransomware attacks against U.S. businesses has continued to increase this year, cybersecurity experts say, while some lawmakers warn the government has limited visibility of such hacks. Companies that rapidly digitized their operations during the pandemic are spending more time and effort navigating a fast-changing and treacherous ransomware landscape. About 19% of cyber risk executives are highly confident in their organization’s ability to understand and respond to cyber threats, according to a more than 660-person survey published Thursday by Marsh & McLennan Co.’s insurance broking business and Microsoft Corp. “It reflects that, despite the significant amount of time and energy and resource that organizations are spending on cyber, the risk environment continues to evolve and expand such that it’s difficult to get ahead of it or get on top of it,” said Thomas Reagan, cyber risk practice leader for the U.S. and Canada at Marsh.