A ransomware attack is one of the most common and dangerous threats to consumers, companies, government agencies, hospital systems, and many other organizations around the world.
Cybersecurity experts are noticing that cybercriminals are increasingly carrying out ransomware attacks and they are becoming more sophisticated too. The latest victim was Software AG, the second-largest company in Germany. A cybercriminal gang took control of the company’s IT infrastructure, encrypted files on into internal network, and demanded a ransom of $20 million.
An independent study entitled “The State of Ransomware 2020” noted that cybercriminals normally demand six to seven-figure ransom from their corporate victims of a ransomware attack based on a survey of 5,000 IT managers from 26 countries.
The average cost to address the impacts of a ransomware attack stood at $732,520 for organizations that don’t pay the ransom. For those that chose to pay a ransom, their costs climb to a whopping $1,448,458. To be a victim of a ransomware attack is certainly costly.
