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

ACCORDING to new data presented by Stockapps.com, 66% of business organizations 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 percent increase in organizations reporting attacks. In 65 percent of attacks, adversaries effectively encrypt data, up from 54 percent in 2020.

Stockapps.com financial expert Edith Reads pointed this out, “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.”

Ransom payments are on the rise

The average ransom payment has climbed significantly over the last year, according to 965 respondents whose organizations paid the ransom. The proportion of victims paying ransoms of $1 million 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.

The full story and statistics can be found here: Ransomware attacks up 78% in the last 1 year

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