Startling Statistics about the Growing Ransomware Threat

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Ransomware is a growing threat that continues to cost organizations and businesses billions of dollars in damages every year. In 2021, 37 percent of all businesses and organizations were hit by ransomware. This is a 78 percent increase from 2020, according to Sophos’s “The State of Ransomware 2022” report. The FBI’s Internet Crime Complaint Center received 3,729 complaints about ransomware attacks in 2021 with reported financial losses totaling $49.2 million.

It’s no surprise then that recovering from a ransomware attack can be costly. On average, businesses spend $1.85 million in 2021 on recovery alone – a staggering amount that could have been avoided by having the right security protocols in place and staying vigilant against potential threats.

Unfortunately, many victims are so desperate to get their data back that they pay the ransom instead of attempting other recovery methods. Of the 32 percent of ransomware victims who paid the ransom in 2021, only 65 percent of their data was ultimately recovered – leaving many with nothing but an empty wallet for their trouble. It’s important to remember that if you become a victim of ransomware, paying the ransom isn’t guaranteed to recover your files or data.

Organizations need to take proactive steps to protect themselves from becoming victims of ransomware attacks and take measures such as regularly patching software vulnerabilities and backing up data regularly on an offline storage device. It’s also essential for organizations to train their staff on identifying malicious emails and other cyber threats so they can be properly protected against them in the future.

These ransomware statistics are alarming, but there are measures we can take to mitigate our risk against these types of attacks. By investing in better cybersecurity protocols and training our staff on how to recognize malicious emails or other threats, we can help protect our organizations from becoming victims of cybercrime.

Startling Statistics about the Growing Ransomware Threat 1

Success Rate of Ransomware Attacks

The success rate of ransomware attacks is difficult to measure due to the lack of reliable data and the various methods used by attackers. However, according to a survey conducted by Cloudwards in 2021, it appears that only 65% of ransomware victims who paid the ransom were able to recover their data. This suggests that ransomware attacks are only successful 35% of the time. It is important to note that this number does not take into account attacks where victims chose not to pay the ransom or were able to recover their data without paying.

Interesting Statistics on Ransomware

Ransomware has become an increasingly common form of cyberattack, with a dramatic increase in activity in 2021. According to Sophos’s “The State of Ransomware 2022” report, 66% of organizations were affected by ransomware in 2021 — a 78% increase over 2020. The FBI’s Internet Crime Complaint Center received 3,729 ransomware-related complaints in 2021, resulting in financial losses of $49.2 million.

In addition, the average ransom payment increased by 130% from 2020 to 2021. The median ransom demand was $233,000, while the average payment made was $170,000 — an increase of 30% from 2020 levels. Furthermore, approximately 27% of victims paid the ransom demand to regain access to their data or systems.

Finally, healthcare organizations were the most likely to be hit with ransomware attacks for two years running — making up nearly 40% of all ransomware victims in 2021. This is likely due to the high-value data held by healthcare providers and their greater reliance on digital resources for patient care during the pandemic.

Probability of a Ransomware Attack

The probability of a ransomware attack is difficult to pinpoint, as there are many factors that can affect the likelihood of an attack. However, it is estimated that around one in five businesses have experienced a ransomware attack. Furthermore, the number of ransomware attacks has been steadily increasing in recent years, making the threat more serious than ever before. Additionally, certain industries are at a higher risk than others due to their reliance on technology and data storage. For example, healthcare organizations are particularly vulnerable as they store sensitive patient data which attackers could use to extort ransom payments. As such, it is important for all businesses and organizations to take proactive measures to protect themselves against ransomware attacks.

Latest Statistics on Ransomware

The latest statistics on ransomware show that it remains a serious and growing threat to individuals, businesses, and organizations around the world. In the first half of 2022 alone, there were an estimated 236.1 million ransomware attacks globally which is an increase of over 55% compared to the same period in 2021. According to data from Kaspersky, ransomware accounted for around 20% of all cyber crimes in 2022. This is a significant increase from previous years and shows just how pervasive this type of attack has become.

In addition to the sheer volume of attacks, ransomware can also be costly for victims. A recent report by IBM Security found that 20% of ransomware costs are attributed to reputation damage, which can be difficult and expensive for businesses to recover from. Furthermore, the average ransom payment rose almost 10%, from $233,817 in 2020 to $256,431 in 2021 according to Coveware’s Q1 2021 Ransomware Report. These numbers show that unless action is taken soon, cybercriminals are likely to continue their attacks with impunity.

The Top Ransomware Threat in the Industry

The legal industry is the number one ransomware threat, with 92% of companies in this sector having been affected by a ransomware attack. Financial services (78%), manufacturing (78%), and human resources services (77%) are also highly vulnerable to ransomware attacks. The reasons for this are multifaceted, but largely due to the fact that these industries typically have large amounts of sensitive data that can be worth a lot of money on the dark web. Furthermore, they often lack robust cybersecurity protocols and have fewer resources to invest in cybersecurity solutions. As such, criminals often target these industry verticals as they are easier to penetrate and can yield high rewards with minimal effort or risk.

Frequency of Ransomware Attacks Per Day

According to a recent report from Cybersecurity Ventures, ransomware attacks occur more than 4,000 times each day. That’s an average of one attack every 11 seconds. The frequency of these attacks has grown dramatically over the past few years, with a 300% increase since 2018. The financial cost of ransomware attacks is estimated to be close to $20 billion in 2020 and is expected to double in 2021. Ransomware attacks can have devastating effects on businesses and individuals alike, making it important for everyone to stay aware and up-to-date on the latest security measures.

The Largest Ransomware Payout to Date

The biggest ransomware payout to date was by CNA Financial, which paid out $40 million. This attack occurred in April 2021 and targeted the company’s IT systems. It is believed that the attackers demanded a ransom in exchange for the decryption of their data and access to the company’s systems. The attackers also threatened to release sensitive customer information if the ransom was not paid. The attack caused disruptions at numerous CNA subsidiaries and resulted in significant financial losses for the company.

The Largest Recorded Ransomware Payment

The largest ransomware payment ever recorded is $40 million, paid by CNA Financial Corporation in 2021. CNA Financial was the victim of a ransomware attack that affected their IT systems and encrypted their data. In order to regain access to their data and recover from the attack, CNA was forced to pay the ransom demand of $40 million. This is one of the largest reported payments ever made in response to a ransomware attack. Other notable ransom payments include Garmin’s payment of $10 million in 2020 and Colonial Pipeline’s payment of $4.4 million in 2021. These figures demonstrate that ransomware attacks are becoming increasingly more sophisticated and costly for companies to recover from, highlighting the need for companies to take proactive measures to protect themselves against these threats.

Conclusion

Ransomware is a serious issue that continues to affect many businesses and organizations around the world. In 2021, 37 percent of all businesses and organizations were hit by ransomware, with an average cost of recovery estimated at $1.85 million. Unfortunately, of those who paid the ransom, only 65 percent got their data back. The FBI’s Internet Crime Complaint Center received 3,729 complaints about ransomware attacks in 2021, resulting in $49.2 million in financial losses. This shows that ransomware remains a major problem and highlights the need for businesses to be proactive in protecting themselves against cyberattacks.