Don’t be Fooled - Ransomware is Still as Dangerous as Ever

If you thought that the fight against Ransomware in 2019 was improving, you may need to think again. 

According to a study from security firm Coveware, in just 3 months (from the Q3 2019 to the end of Q4 2019), the average ransomware payment increased by over double.  The average payment in Q3 of 2019 was $41,198 and at the end of Q4 it rose to $84,116.

As part of the report, Coveware details that ransomware variants are being used to target larger victims, in efforts to collect bigger ransoms.  However, the report also states that variants of Ransomware such as Dharma and Snatch are contributing to the stunning increase in ransom payments in smaller amounts – sometimes only requesting $1,500 at a time.

An unpromising piece of information to note in regards to the increase in ransomware payments is the fact that downtime for organizations hit by ransomware attacks also increased.  In Q3, the average downtime was 12.1 days. That number rose to 16.2 days by the end of Q4 2019. This was due to the increase in attacks on enterprise corporations who implement a more complex infrastructure.

If one thing is certain, it’s that Ransomware is still as dangerous as ever. A ransomware attack can happen at any time, and your organization should be doing everything it can to protect from an attack.

Story via Tripwire