8th May 2022

Ransomware attacks on business organisations up 78% in the last 1 year

According to new data presented by Stockapps.com, 66% of business organisations were hit by ransomware in 2021. This marked a 78% increase from 2020’s figures that stood at 37%.
From the analysis, the increase in the ransomware-as-a-service model increases the reach of ransomware. It lowers the skill level required to conduct an assault, thus, explaining the 78% increase in organisations reporting attacks. In 65% of attacks, adversaries effectively encrypt data, up from 54% in 2020.
Stockapps.com financial expert Edith Reads comments "With practically everything available as-a-service, it has become increasingly easy for attackers to execute ransomware in recent times. Second, many cyber insurance companies have begun to cover a wide range of ransomware recovery costs, including the ransom, likely leading to ever-increasing extortion demands.”
The average ransom payment has climbed significantly over the last year, according to 965 respondents whose organisations paid the ransom. The proportion of victims paying ransoms of $1m or more has nearly tripled in the last year, rising from 4% in 2020 to 11% in 2021. Simultaneously, those paying less than $10,000 fell from one in three 34%) in 2020 to one in five(21%) in 2021.

Cyber Trends(1,268 mentions in Insurance Newslink)