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Better Application Security: Discovery and Vigilance

You ve Experienced A Ransomware Attack - Now What? 5 Practical Steps To Take In Response To A Ransomware Attack - Technology

To print this article, all you need is to be registered or login on Mondaq.com. By now, most of you know that due to the COVID-19 pandemic and the shift to remote work, data security incidents increased both in number and severity in 2020 and show no signs of slowing down in 2021. A report conducted by the cybersecurity company, Deep Instinct, shows triple-digit increases across all malware types in 2020, including a 435% increase in ransomware attacks alone. The expenses associated with increased cybercrime are similarly skyrocketing, costing companies and insurers billions of dollars.  What you may not know, however, is what to do when your business

Ransomware attacks more than doubled last year as cybercrime operations scale up during coronavirus pandemic

Sobering news for organizations, as average ransom demand closes in on $200,000 The ransomware market, fueled by coronavirus pandemic turbulence, has become the biggest single money earner for cybercriminals, according to a new report. Threat hunting and cyber-intelligence firm Group-IB estimates that the number of ransomware attacks grew by more than 150% in 2020. Ransomware attacks not only grew in numbers but also in scale and sophistication – the average ransom demand increased by more than twofold and amounted to $170,000 in 2020. Ransomware attacks on average caused 18 days of downtime for the affected organizations, while the average ransom amount almost doubled. Demands at the top end of the cyber-extortion scale exceeded $1 million.

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