There has been a recent trend for companies to “negotiate” with the criminal terrorists behind wave of ransomware attacks across the world by paying the ransom. In a recent study some alarming statistics have been released:
Current Ransomware Stats
If Ransom is Paid: The global findings also show that only 8% of organizations manage to get back all of their data after paying a ransom, with 29% getting back no more than half of their data.
Cost of Ransom: The average ransom paid was $170,404. While $3.2 million was the highest payment out of those surveyed, the most common payment was $10,000. Ten organizations paid ransoms of $1 million or more.
Who is Paying the Ransom: The number of organizations that paid the ransom increased from 26% in 2020 to 32% in 2021.
The Brighter Side: While the number of organizations that experienced a ransomware attack fell from 51% of respondents surveyed in 2020 to 37% in 2021, and fewer organizations suffered data encryption as the result of a significant attack (54% in 2021 compared to 73% in 2020).
What is Being Done
There are now organizations trying to create a common framework to address this threat. The Institute for Security and Technology has created a Ransomware Task Force. This task force has been working to develop this framework and has published some guidance. Even though this is just the foundation work, it is good to see that efforts are being made.
If your company is worried about the threat of ransomware, then contact us for assistance setting up a multiple layer approach to security.