Companies lack basic cybersecurity practices to combat ransomware

Axio released its 2021 State of Ransomware Preparedness report. The report reveals that organizations are not equipped to defend against ransomware due to deficiencies in implementing and sustaining basic cybersecurity practices, including managing privileged administrator credentials and ensuring visibility of supply chain risk. 

“Ransomware is everywhere, dominating headlines, corporate board meetings and even the Biden administration’s agenda,” remarked the report’s co-author David White, President and Co-Founder of Axio. “And with high-visibility attacks continuing to unfold, companies more than ever require ransomware readiness measures in place to protect against a cyber catastrophe. As we learned from the much-publicized SolarWinds attack — which raised a collective consciousness to the use of routine software updates to deliver ransomware — the evolution of attacks can include ransomware-as-a-service, targeting critical infrastructure networks where they can cause the most disruption and economic damage.”