Ransomware attacks are far from over, and with more sophisticated attacks like Ryuk, Bitpaymer, and Dharma, encryption keys provided through ransom demands have gotten more expensive.
According to data published by Coveware, ransom payments for decryption of files went from $6,733 in 2018’s last quarter to $12,762 in Q1 of 2019 - a doubled cost.
Rather than just sending out phishing emails with malicious links or downloadable files, hackers are focusing their efforts on performing much more extensively damaging attacks that use stolen login credentials in order to remotely access network systems and initiate file encryption on multiple PCs at once.
Ransomware costs can go so high as to reach six figures, as Coveware reported that Ryuk’s ransom demand average was approximately $286,557. While costs have risen, Coveware also noted that average ransomware recovery days have also gone up, with incidents lasting 7.3 days instead of the reported 6.2 days last year. Recovery time increase may be due in part to the increased difficulty to decrypt files, as ransomware variants use specialized encryption code that typical decryption software can’t solve.
Coveware’s report also reveals that although 96% of companies who paid a ransom were able to successfully decrypt their files, decryption success ultimately depends on the type of ransomware deployed, so there is never a guarantee one will receive all their files back.
Through the action of paying the ransom, victims not only help cybercriminals carry on their business, but also reveal that they may be susceptible to another cyberattack.
Ransomware will continue to become more sophisticated as time goes on, and cybercriminals will use it to their advantage. However, organizations can take precautionary measures to make sure their business is safe through computer software updates and data backups. Fortunately, with reevert™’s Storage, Backup and Recovery solution, your data is always protected. Files are stored by hourly data snapshots that can easily be recovered within seconds in the emergency of a ransomware attack.
Interested in getting started with reevert™? Check out our website www.reevert.com to read more on how our backup solution can protect your data today!
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