For many, 2020 has become one of the most challenging years in history however organizations must stay alert as there are still alarming ransomware statistics and facts.
As everyone is aware, no one is safe from ransomware no matter how large the IT budget. Here is a list of the latest trends, facts, and stats surrounding ransomware.
A few points to keep in mind as you review these alarming ransomware statistics and facts:
- Ransomware is designed to completely encrypt a victim’s file system and cause irreversible loss of data.
- There is an increasing number of cybercriminals hackers utilizing ransomware to extract money out of victims.
- Ransomware is growing and increasing in complexity challenging users and IT departments
Average loss per business can average $2,500 for each incident
- Some organizations have paid up to a million dollars to decrypt their data
- Small-to-midsized businesses were at the largest risk as they paid over $930,000.
- Global cybercrime damages predicted to cost up to $6 trillion annually by 2021
- US ransomware attacks cost an estimated $7.5 billion in 2019 according to Emsisoft
- Over 150 million ransomware attacks occurred in the first nine months of 2019 according to SonicWall
- Ransomware has been involved in 27 percent of malware security incidents in 2020 according to Verizon 2020 Data Breach Investigations Report
- Ransomware downtime costs organizations more than $64,000 according to Coveware
- Ransomware is costing businesses more than $75 billion per year according to Datto
- The FBI has disclosed that ransomware payments are totaling around $1 billion according to Datto
- Organizations lost on average $8,500 per hour due to ransomware downtime according to Govtech
- Over 40 percent of ransomware victims pay the ransom demands according to Malwarebytes
- Over 55 percent of organizations are willing to pay the ransom to regain access according to IBM
- Approximately 25 percent of organizations are willing to pay between $20,000 and $50,000 according to IBM
- Approximately 96 percent of organizations have received the decryption tool from the hackers according to Coveware
This is solid proof from multiple sources that ransomware continues to be an extremely lucrative venture for cybercriminals hackers that are attacking all verticals and industries.
What are some of the biggest ransomware hits out there?
The purpose of ransomware is simple. The goal is to extract money from victims. Here is a list of some of the biggest ransomware hits in the media.
- City of Baltimore City was hit with ransomware that crippled the network for over a month. Cyber security professionals estimate the damage at over $18 million dollars even thou ransomware demand was only $76,000 in Bitcoina according to Baltimore Sun
- City of Atlanta had to recover from ransomware and it cost them over $17 million to recover with a of $52,000 in Bitcoin.
- Regis University had its phone and internet services shut down after a cyber attack according to Inside Higher Ed
- Monroe College had files locked down due to ransomware. The school did not reveal whether or not it paid the ransom according to Inside Higher Ed
- City of New Orleans spent $7 million dollars due to ransomware with $3 million back from their cyber security insurance according to SC Magazine
- New York City’s capital was hit with a ransomware attack that took several key services offline according to CNET
- City of Riviera Beach paid a $600,000 ransom to recover files following a ransomware attack according to CBS News
- Massachusetts Department of Elementary and Secondary Education paid $10,000 in Bitcoin after a ransomware attack according to Cyberscoop
- Demant was forced to pay $85 million following a ransomware attack according to BBC
Ransomware continues to grow and evolve with everyone as the target.
Organizations need to proactively protect themselves from cyber threats. A recent survey of IT professionals found that over 50 percent believe their organizations was not ready for a cyber security threat.
How has ransomware evolved? Here is a quick list of how quickly it has attacked and evolved. These are alarming ransomware statistics and facts.
- Ransomware payments have doubled based on Ryuk and Sodinokibi ransomware
- Approximately 97 percent of ransomware victims report that the decryption tool worked
- Only 29 percent of small businesses had experience with ransomware
- Datto reported over 90 percent of clients suffered ransomware attacks in the past we months
- Kaspersky Lab reported 34 percent of businesses hit with malware took a week or more to recover
- Over 36 percent of ransomware victims paid the ransom to try and recover data
What does the future hold with ransomware?
Ransomware is not going away anytime soon as it has become too lucrative for cyber criminals. Here are a few predictions from IT security experts on what to expect in the future with ransomware.
- Predicts are that ransomware will cost $6 trillion annually by 2021 according to Cybersecurity Ventures
- Cybercriminal hackers will target more vulnerable victims such as individuals with high net values and connected devices (IoT) according to McAfee
- MAC are becoming bigger target ad there has been a large increase according to Palo Alto Networks
- Cloud computing companies will see an increase in cyber security attacks according to Computer Weekly
Ransomware, Malware, and data breaches continue to make media headlines and are showing no signs of slowing down. Organizations must invest in proper industry leading cyber security services, policies, and procedures as well as employee cyber security training.
Employees are the greatest defence against cyber security attacks and they must understand how cybercriminal hackers work so they can potentially identify ransomware attacks.
Now that you are aware of alarming ransomware statistics and facts it is time to plan out your IT security strategy.
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