Ransomware attacks may succumb to some of the world’s largest companies. In the past four years, this problem has become more and more serious due to the increasing frequency of such attacks. Some shocking data indicate that these attacks are actually much more dangerous than previously thought. The general assumption about ransomware is that in the event of an attack, you can easily regain the data after paying the ransom. However, the latest data from Sophos shows that there is little or no chance that a ransomware victim will recover the data.
Organizations that are victims of such attacks are more likely to pay the ransom this year. By 2020, only 26% of ransomware attacks caused victims to pay a ransom, and this number disappeared in 2021, as high as 32%. Setting aside all these and other factors, it is important to point out that the vast majority of these ransom payers regret their actions. They have fully recovered their data (which means 92% of companies have not recovered all data), while 29% of companies have lost half of their data. This clearly shows that paying money to cybercriminals is not the best option.
This is related to the cost of ransomware attacks. The cost of ransomware attacks doubled from US$761,106 a year ago to US$1.8 million this year. On average, companies affected by ransomware attacks must pay about $170,000 to meet the needs of the attackers. This is one of the most profitable criminal activities that organized groups can participate in. In any case, quite a lot of figures are not even close to those we often see in the media. A good example is the case of Apple, which was attacked by ransomware and demanded a ransom of $50 million.
If Apple or any other company takes legal action, this is not the amount the company has to pay, because such things may cause the company to go bankrupt, so it is not a suitable choice. The company in question will negotiate a fairer amount with the attacker, which usually results in spending that is significantly lower than the amount originally reported. Over the years, organizations involved in ransomware attacks have become extremely effective.
Their skills will continue to improve, and the damage that may be caused at any given point in time will also continue to increase. Crucially, technology companies must find a way to circumvent the problems faced by ransomware developers, because ransomware developers know that the value of their stolen data is usually much higher than what is needed to complete ransomware for positive results ransom.
The general assumption about ransomware is that in the event of an attack, you can easily regain the data after paying the ransom. Organizations that are victims of such attacks are more likely to pay the ransom this year. This is related to the cost of ransomware attacks.