AI surge heightening cyber threats, how should businesses respond? | #ransomware | #cybercrime

AI tools are rapidly widening the potential uses and transforming the value of corporate data, and with it, the price that cyber-criminals can get for it. Companies will remain highly vulnerable to these fast-emerging threats until they set up practical frameworks for ransomware protection and reduce the risk of becoming the cyber-criminal’s next victim.

Many organizations still rely on reactive measures or legacy tools to protect their data, such as traditional backups, of which 58% fail, or simply pay a ransom when an attack strikes. In 2023, nearly 73% of companies worldwide paid a ransom to recover data. Not only is this approach costing businesses significant amounts (the median payment is around $350,000), but paying up doesn’t signify the end of disruption, it often still takes organizations weeks or months to recover their data.

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National Cyber Security