Ransomware attacks have consistently hit the headlines in recent years, causing serious reputational and financial losses for organisations in every industry. Ransomware attackers ruthlessly seize data from compromised companies, encrypt the data taking systems offline, extort pay outs to restore access and blackmail companies to prevent stolen data from being publicly exposed.
The average ransomware payment is increasing year upon year: according to the Coveware Quarterly Ransomware Report, the average payment reached $258,143 in Q3 22 — the highest yet, up 13.2% from the previous quarter. It’s the cost of recovering from a ransomware attack that is the real issue, though. Recovery costs rose to an average of $1.85 million in 2021. Results for 2022 are not available yet, but are expected to reveal even higher figures.