RANSOMWARE – The Growing Data Kidnapping Danger

Ransomware Attacks are on the Rise

What is Ransomeware

Ransomware is a malware attack that encrypts a victim’s data so it can no longer be accessed and then demands a ransom. Once the payment is made, the attacker provides a decryption key to restore access to the victim’s data. The ransom amount can vary widely, ranging from a few hundred dollars to millions.

You can unknowingly download ransomware onto a computer by opening an email attachment, clicking an ad, following a link, or even visiting a website that’s embedded with malware.

The ransom is often demanded in a cryptocurrency such as Bitcoin, to facilitate an online and anonymous payment. If the ransom is not paid in a timely manner, the amount demanded may increase until ultimately the user’s data is destroyed entirely.

Some Scary Ransomware Statistics

The Data Breach Investigation Report (DBIR) says there was a 13% rise in ransomware attacks year-over-year from 2021. This rise is a greater increase than the previous five years combined.

• The Ransomware Taskforce estimated that small businesses were the victims of 70% percent of ransomware attacks in 2021.
• Almost half of the organizations (49%) paid ransom to prevent revenue losses, and another 41% paid ransom to quicken the recovery process.
• Even if companies pay the settlement, they typically only get about 60% of their data back. Only 4% received all their data.
• Once you pay, the same group of criminals often attack again in six months to a year. And they can sell your info on the dark web announcing to other cybercriminals that you’re an easy mark.

Scariest of all – Ransomware has become so lucrative that you don’t even need to be tech-savvy, Ransomware-as-a-service (RaaS) is a cybercrime economic model that allows malware developers to earn money without the need to get their hands dirty. Criminals buy the software and launch the infections paying the developers a percentage of the take.