Unprepared users and businesses can quickly lose valuable data and money from these attacks.
The average ransom payment has increased gradually over the years, before decreasing slightly in 2020.
Its projected that the average ransom will exceed $6,000 in 2021.
Remember that hackers tend to duplicate successful attacks and hit victims over and over again.
Regardless of the cyber criminals ultimate actions, the actual cost of ransomware goes beyond just the payout.
Digital extortion by hackers ultimately inflicts more monetary damage than what the hackers may take in from an attack.
Most companies say theyve experienced data loss and major downtime as the result of a ransomware attack.
Both of these outcomes are extremely costly for a business, especially larger ones with hundreds of employees.
Significant downtime can result in millions of dollars in lost revenue, a cost that is skyrocketing.
The average overall cost of ransomware-caused downtime has doubled in recent years.
Even after the ransom was paid, it took weeks for work to resume as usual.
Ransomware is relatively new and its constantly evolving, with more sophisticated strains on the rise.
Over the last year, there continues to be a number of new ransomware variants.
Windows-based computers are typically more affordable, therefore more people use them.
This makes them an easy target for online bad actors.
Nonetheless, this doesnt mean that macOS, Android, and iOS are immune.
Remember, it takes only one machine a whole company and its systems.
Popular software as a service (SaaS) applications are being targeted by ransomware, too.
How does this happen?
It typically is due to a lack of proper cybersecurity procedure, or one that was poorly implemented.
Ransomware isnt going away any time soon.
Its effective, so neither individual or business users will see it go away anytime soon.
In fact, email-embedded URLs remain the primary reason for computer infections.
Data loss is a serious concern that affects both individuals and companies.
Of course, the most effective tool against any jot down of malicious software is an up-to-date antivirus.
Check out ourantivirus software reviewsto determine which one is most effective against ransomware while meeting your needs.
