14 Jan A Breakdown of Ransomware Statistics

The critical numbers behind years of ransomware attacks

Ransomware is dangerous, you understand that. But how dangerous? What are the numbers behind the malware? You hear about the hundreds of industries impacted by a ransomware infection, or, the cost of damages, but let’s dive into some harrowing statistics to really get an idea of what ransomware was/is capable of.

It takes advantage of COVID-19

No surprise about this one, and you’ve kept up with our updates, no doubt you’re familiar with the impact Coronavirus had on the modern world. Attackers have taken advantage, and thus caused an explosion of ransomware attacks in 2020. 

• Roughly 51 percent of businesses were impacted by ransomware including enterprises such as CPI California, Travelex, and Redcar Council
• In 2019, the average cost of a ransomware attack was over $100K
• Ransomware as a trend continues to evolve, such as attacks increasing by over 200 percent in 2018 to 2019

In 2020 alone, it was estimated ransomware attacks cost the cyber industry roughly $20 billion. 

Why does it happen? You can read more about our ransomware and social engineering breakdowns here.

Why is ransomware so prevalent?

Ransomware is dangerously effective for several reasons. Even though it’s plagued the IT industry for years, few methods exist to actually remove it from an encrypted system, and even the solutions that do exist are not guaranteed to work, if at all. Ransomware, then, is successful in its goal, which is to target files, encrypt them on a system or network, and of course, hold them ransom. They’re easy to deploy too – numerous ransomware kits and services are available for sale on the Dark Web, making it accessible to malicious individuals.

Despite the FBI’s warnings and advice to not pay the ransom demands, many companies and individuals do not have much choice in the matter. Because the ransom is eventually paid, attackers are encouraged, and since 2017 ransomware has continued to rise.

“The average cost of a ransomware attack on businesses was $133,000.” 

Ransomware is brought up in the cybersecurity landscape because it poses such a serious threat. With remote working options in higher demand, it will only worsen.

Defending against ransomware in 2021

Bytagig has comprehensive articles offering quick facts, tips, and strategies for handling ransomware and social engineering. But the reality is, ransomware is always a problem and will evolve in how it attacks its targets.

The best offense is a good defense, and it pays to be proactive, rather than reactive. Additionally, having backup methods in place is key to shield your data and private customer info from ransom. As always, a managed service provider is an ideal component to modern cybersecurity.