Ransomware demands allegedly met by many mining and material firms

The majority of mining and materials IT experts report losses of US$100k or more from cybersecurity attacks, finds survey.

A global survey of 1,100 individuals in IT roles were asked about the business impacts of cyber attacks on their organisations in the last year by IT firm Claroty.

Claroty spoke to professionals in information security, OT engineering, clinical & biomedical engineering, and facilities management & plant operations for The global state of CPS security 2024: mining & materials.

Claroty say frequent and disruptive cyberattacks have caused significant financial costs and operational disruptions, delays in service delivery, data loss, and manipulations with far-reaching consequences for public safety and national and economic security.

Of the 46 respondents from the mining and materials sector, 70% reported a financial loss of US$100k or more from cybersecurity incidents, while 30% reported a loss of at least US$1mln.

Alarmingly, Caroty found 43% of respondents met ransomware demands of US$1mln or more to recover access to encrypted systems and files to resume operations.

Respondents say loss of customer or partner relationships (30%), public safety (28%), and production shutdown (26%) are the most common impacts.

Seventy-six percent of respondents had at least one cyberattack in the last 12 months, while 41% said their organisation has experienced five or more.

However, 43% report greater confidence in their organisations cyber-physical systems to withstand attacks.