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Attacks/Breaches

4/27/2021
02:35 PM
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Ransomware Recovery Costs Near $2M

The cost of recovering from a ransomware attack has more than doubled in one year, Sophos researchers report.

The average total cost of recovery from a ransomware attack has more than doubled in a year, increasing from $761,106 in 2020 to $1.85 million in 2021. The average ransom paid is $170,404.

The figures come from Sophos’ new survey, "The State of Ransomware 2021". The report also reveals that only 8% of organizations managed to get back all of their data after paying a ransom, and 29% received no more than half of their data.

Researchers polled 5,400 IT decision makers in mid-sized organizations across 30 countries in Europe, the Americas, Asia-Pacific and Central Asia, the Middle East, and Africa.

The survey finds the number of organizations that experienced a ransomware attack fell from 51% of respondents in 2020 to 37% in 2021. Fewer organizations suffered data encryption as the result of a significant attack: 54% in 2021 compared to 73% in 2020.

Despite a decline in overall attacks, Sophos researchers say the impact of a ransomware attack is now more damaging and costly.

"We've seen attackers move from larger scale, generic, automated attacks to more targeted attacks that include human hands-on-keyboard hacking," said Chester Wisniewski, principal research scientist, Sophos, in a release. "While the overall number of attacks is lower as a result, our experience shows that the potential for damage from these more advanced and complex targeted attacks is much higher."

The full report can be found here.

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charles@v2cloud.com
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[email protected],
User Rank: Apprentice
5/5/2021 | 11:08:31 AM
Prevention is the key
Great article. this points outs just how lucrative ransomware groups are. Hopefully, the neew task force from the DOJ will be able to tackle theses attacks. In the meantime, your best lines of defence are education, preparation, an pro-active measures. Know your network: who can access what and how. Have all your endpoint constantly monitored and keep you backups offline. Segregating your network is also a great way to mitigate damages to your infrastructure and keep most of your data safe. Unsure or don't know how to plan and execute all this? Managed Cloud service providers can take care of most of it for you.

Disclaimer: I work for V2 Cloud. We offer fully managed DaaS.
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