When a cyber threat grows in magnitude by 35 times in one year, and continues to become even more prevalent the next, every organization should pay attention. Cyber criminals have targeted organizations from many different industry segments, as well as businesses of virtually every size. Integrated models enabling layered security using next-generation firewalls (NGFW), modern endpoint security, and more, such as the use of proactive threat intelligence when mounting a defense against cyberattacks are required. If you are responsible for IT and security management in your organization, knowing how to protect your organization against ransomware is a must.
Here are some crazy statistics[1]:
– On average, organizations pay a ransom of $233,217
– Ransomware perpetrators carry out more than 4,000 attacks daily.
– The average downtime due to a ransomware attack is 19 days.
– 1 in 3,000 emails that pass-through filters contain malware.
– Ransomware attacks in the education sector rose by 388% between Q2 and Q3 of 2020.
– In 2021, ransomware attacks against businesses will occur every 11 seconds.
– The global cost associated with ransomware recovery will exceed $20 billion in 2021.
– The average cost of remediating a ransomware attack in 2020 was a staggering $761,106.
– The private sector suffers more ransomware attacks than the public sector.
Access this free white paper for an in-depth look at the what, why and how of the exploding cyber threat of ransomware.

FAQs to Address Ransomware

1. Does paying ransomware work?
Most of the time, paying a ransom does work. In the first three months of 2020, 99% of organizations that paid their attackers got a working decrypting tool, which they used to regain access to their data. However, there’s no guarantee that everything will work out fine. Statistics show that 3.7% of organizations that pay the ransom never get their files back. What’s more, the FBI strongly advises against sending payments to cybercriminals. Instead, rethink your security strategy to protect your organization in today’s new world of work.
2. What is the average ransomware payout?
During the third quarter of 2020, the average ransomware payout reached $233,817, up by an unprecedented 467.5% from the same time last year. The disruption brought on by the COVID-19 pandemic and both people’s and businesses’ increased reliance on the internet has clearly pushed the figure up. Protect your organization against ransomware today.
3. How common is ransomware?
According to projections, there may be a ransomware attack every 11 seconds in 2021. Ransomware usually spreads through phishing emails that contain malicious files. Of 3,000 emails received, at least one is infected with some type of malware, which may or may not be ransomware. As long as, employees receive appropriate cyber security training and learn how to recognize spam, one malicious email in 3,000 shouldn’t pose much of a threat.
4. What percentage of ransomware victims pay the ransom?
The number varies by industry, but research shows that 26% of targeted organizations worldwide end up paying the ransom demanded by cybercriminals. There are huge differences between different regions of the world. For example, two-thirds of companies in India and half of those in Sweden admitted to having paid the ransom. On the other hand, only 4% of businesses in Spain, 6% in Italy, and 11% in Australia have paid their hackers.
5. Do ransomware attackers get caught?
There’s a slim chance of ransomware attackers getting caught. For one, they use bitcoin as their preferred ransom currency, rendering the transactions next-to-impossible to track. Also, authorities often turn a blind eye to ransomware attacks pushed on an international level due to policing difficulties. With all this in mind, ransomware remains a relatively risk-free form of cybercrime, making it a lucrative means for cybercriminals to earn a living.
Motivated by this and other ransomware statistics presented here, IT leaders have shifted most of their attention to cybersecurity. Register for our August 19thAddressing the Threat of Ransomware” webinar hosted by our partner, Fortinet, to learn about some of the most effective tools to counter ransomware attacks.
Our IT Security Solutions keep your teams secure, connected, and productive so you’re ready to thrive – not just survive – in today’s marketplace.  Learn more about how we’re helping organizations protect their IT today, while planning for tomorrow at RicohChangeMakers.ca.
[1] Source: Safeatlast.com. 22 Shocking Ransomware Statistics for Cybersecurity in 2021