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The Price of Ransomware is Becoming Bigger

By J.Austine March 22, 2022, 7:30 p.m.

As we always say at noirdotnews, ransomware is an expensive proposition for businesses. And the price is just growing as days go by. Any organization that falls victim to ransomware always ends up parting ways with large sums of money. Plus, cybercriminals aren’t backing down from making larger and larger ransom demands. Those factors put together, you get a recipe for disaster. Again, time is another factor. Companies and businesses impacted by ransomware lose an estimated average of six working days.

The Price of Ransomware is Becoming Bigger

The cost of a ransomware incident including investigation and remediation is expected to exceed $265 billion by 2031. That amount is not a child's play. Additionally, very few organisations can afford that. The exorbitant costs, lost revenue and reputation damage incurred in the wake of a ransomware incident is too much. Many businesses can therefore not afford it. According to investigations 60% of businesses stop operations for up to 6 months after a cyberattack.

Paying Ransom is Against the Law

Sometimes, a business can be hit so hard that the only option they have is to pay ransom. Apart from paying ransom being discouraged by most security agencies, it doesn't even work out.  According to a study conducted in 2020, only 66% of companies which paid ransom were able to recover all their data lost. The remaining percentage didn't receive an encryption key.

The average ransom paid by individuals has increased abnormally by 82% in 2021. This is because of the huge demands logged in 2020. As of 2021, the average demand is a heart thumping $570,000 compared to $170,000 in 2020. But remember, organizations that pay ransoms to cybercriminals are violating OFAC regulations. The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) considers payment of ransoms unlawful. The entities that pay ransoms are likely to incur civil penalties.

Some sectors experience extreme risks

We can't say that some industries are safe, but a few have been getting hit harder than the rest. Attacks on government agencies for example, is just on another level. It almost doubled from 12% in 2020 to 21% in 2021. The manufacturing sector wwas also nailed with a 25% increase in ransomware attacks this year. The professional services sector clocked in at a 17% While the banking industry experienced a 1,318% year-over-year increase. Attacks on retailers have skyrocketed, accounting for 95% of all attacks using malware in 2021.

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