The No-Good, The Bad, And The Ugly: Ransomware Attacks Ramp Up With Coronavirus Surge
By: Jim Stickley and Tina Davis
January 22, 2021
Ransomware is everywhere and its attacks continue to flourish, according to recent research by Lumu. The “2020 Ransomware Flashcard” looks at the global trends, the most affected sectors, the explosion in attacks, and much more. It’s a tranche of valuable statistics surrounding the ransomware surge, and it all points in the same direction…UP.
Most cybersecurity experts agree that what’s fueling the rampant growth is the coronavirus and the multitude of hacking opportunities it presents. With the pandemic currently raging around the globe, we know that ransomware and other malicious attacks will continue to rage along with it. It’s important to note that analysis by Gartner of their client’s ransomware preparedness shows over 90% of ransomware attacks are preventable. Now that’s one number we all hope keeps growing.
The FBI reported that pre-coronavirus, its IC3 (Internet Crime Complaint Center) received an average of 1,000 complaint reports per day regarding cyberattacks. They now receive 3,000 to 4,000 reports per day, the majority of which have to do with coronavirus-related attacks. The incident reporting quadrupled in less than a year, providing an irrefutable backdrop for Lumu’s ransomware statistics.
Increased Frequency of Ransomware Attacks
- In 2021, a business will get attacked every 11 seconds.
- 36% of victims agreed to pay the ransom amount to get their data returned from hackers.
- 17% of victims who paid the ransom did not have their data returned by hackers.
Percent of Companies Worldwide Report—Being Affected by Ransomware
- North America – 69%
- Latin America – 61%
- Middle East and Africa – 61%
- Europe – 57%
- Asia and Oceania – 55%
There are options organizations can take to protect themselves from ransomware attacks other than cyber insurance coverage. Regularly backing up system data allows a victim to restore hijacked data without paying a ransom. However, periodically testing the backup works when needed is a important part of this. Also, keeping all software up-to-date is strongly recommended. These updates often include the latest security bug fixes, something that every enterprise can benefit from, and should be done as soon as they are available.
Making the best choice to protect your organization from ransomware attacks directly affects the future security and success of your business and should be made sooner rather than later.