More than half of companies targeted by malware have paid the amounts demanded by cybercriminals, says a new study released by IT company NOVIPRO. But the firm’s CEO says that rather than paying out the money, companies should be proactive in preventing cyberattacks in the first place.
“If organizations invested even a fraction of the potential cost of an attack, they could easily put systems in place to guard against such fraud,” said Yves Paquette, co-founder and CEO of NOVIPRO. “In the physical world, you'd employ a detachment of guards to protect something with a seven-figure value, however, there still seems to be a disconnect when the 'something' is digital."
Paquette said without being proactive, the impact will be devastating to both the companies and their customers.
Many companies have sensitive data
Sixty per cent of companies have sensitive customer data, such as confidential information and credit card numbers and nearly one third value their information assets (data, people, processes, etc.) at more than $1 million.
The company said the COVID-19 pandemic has revived security concerns. Nearly half (43 per cent) of respondents are more concerned about a breach since the introduction of hybrid work, prompting most organizations (76 per cent) to take the time to review their security practices, whether it's providing training to employees (32 per cent), developing a telecommuting policy (31 per cent) or investing in software (29 per cent).
"The pandemic has forced companies to focus their energies on operational emergencies," said Dominique Derrier, Chief Information Security Officer of NOVIPRO. "We see that in 2021 they are more aware of computer threats, but are slow to take significant action. It is imperative that organizations apply the latest infrastructure and engage the right experts to ensure their IT security. Not only are their operations at stake, but their reputations as well."
