More than forty percent of businesses face four or more ransomware attacks annually, and in nearly ninety percent of these instances, enterprise resource planning (ERP) applications and systems are compromised.

More than forty percent of businesses face four or more ransomware attacks annually, and in nearly ninety percent of these instances, enterprise resource planning (ERP) applications and systems are compromised.

In a concerning revelation, a new study titled ERP Security in the Age of AI-Enhanced Ransomware by Kaspersky has shed light on the increasing threat of ransomware attacks on Enterprise Resource Planning (ERP) applications and systems. The investigation was based on a survey of 500 cybersecurity professionals in companies with 500 or more employees in the UK and DACH region.

The study paints a grim picture, with 89% of companies reporting that their ERP applications and systems were affected by at least one ransomware attack in the last year. The attacks were frequent and severe, with 83% of companies experiencing at least one attack, 46% experiencing four or more, and 14% experiencing ten or more.

The impact of these attacks was significant, with 61% of companies reporting downtime of at least 24 hours. To combat this, 54% of companies invested in employee training, while 36% hired an external threat research team. However, the study suggests that general security solutions currently on the market may not be sufficient, and companies need a specifically designed, comprehensive solution to protect their business-critical ERP platforms from the increasing ransomware threat.

The study also found that 93% of respondents believe that a specialized ERP security solution is required. This sentiment is echoed by Mariano Nunez, CEO of Onapsis, who stated that the increasing impact on ERP applications is noteworthy and will only get worse in the face of AI-enhanced threats.

Interestingly, respondents were divided on whether they paid the ransom. 34% paid every time, 21% paid sometimes, and 45% never paid. Of those who did pay, 83% reported working with a ransomware broker. Furthermore, 69% of companies communicated with the ransomware attack's author.

The study also highlights a growing trend. According to Gartner, AI-enhanced malicious attacks were the most frequently cited concern in the first quarter of 2024. This is a worrying development, as AI can make ransomware attacks more sophisticated and harder to detect.

In response, 57% of companies invested in new solutions to counter ransomware, and 53% increased their internal cybersecurity staff. The findings of the study can be found at ERP Security in the Age of AI-Enhanced Ransomware.

In conclusion, the study underscores the urgent need for companies to strengthen their ERP security measures in the face of the growing threat of AI-enhanced ransomware attacks. It is a call to action for businesses to invest in specialized security solutions and to educate their employees to mitigate the risks posed by these malicious attacks.

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