Categories: Infographics

How Susceptible Are You To Ransomware Attacks?

Occurring more rampantly, today’s ransomware attacks are far more destructive and extensive in attacking the systems they takedown. From 2020 to 2021 alone, the total cost of ransomware increased by 243% with the current annual cost of ransomware attacks summing upward of $20 billion. 

 

On average, ransom demands were $108,000 for small businesses (those with < 1,000 employees) and $225,000 for large businesses (those with 1,000 – 5,000 employees) in 2020 according to Sophos. Mid-sized organizations paid an average of $170,404. On top of these large bribes, the typical costs of recovering from a ransomware attack were double the ransom itself. The average bill for rectifying a ransomware attack totaled $1.85 million, which includes downtime, people time, device cost, network cost, lost opportunity, and the ransom paid.

 

Related Post

To worsen the road to recovery, cyber insurance claims are being denied, a problem nearly as menacing as the ransomware attacks themselves. 41% of cyber-insurance claims were related to ransomware attacks in Q1 and Q2 of 2020. As ransomware attacks occur more frequently, insurers have begun invoking limits or stopped covering ransomware altogether.

As of late, 73% of American insurers have begun declining more applications for cyber coverage. Virtually all insurers are lessening coverage for high-risk sectors, auditing applicants’ security when they apply, reducing total coverage limits, and capping ransom payouts, making the journey to ransomware recovery long, difficult, and oftentimes, unsuccessful. Without conducive insurance plans, businesses must re-establish footing on their own two feet.

It’s pertinent to safeguard your assets and data. Investing in cybersecurity is one step towards preserving your business and a trajectory of success.  With greater complexity and augmented ransoms, ransomware attacks threaten more than just bribes, putting whole corporations at stake. Protect your business from cyberattacks and the depleting road to recovery.

Brian Wallace

Brian Wallace is the Founder and President of NowSourcing, an industry leading infographic design agency based in Louisville, KY and Cincinnati, OH which works with companies that range from startups to Fortune 500s. Brian also runs #LinkedInLocal events nationwide, hosts the Next Action Podcast, and has been named a Google Small Business Advisor for 2016-present.

Share
Published by
Brian Wallace
Tags: ransomware

Recent Posts

Ethereum Ecosystem Primed For A November Rally – ETH Coins Chainlink (LINK), Toncoin (TON), And Cutoshi (CUTO) The Ones To Watch

With a Total Value Locked (TVL) of $50.72B, Ethereum is the world's largest blockchain, with…

5 hours ago

Analysts Predict a Rollblock 5000% Surge Dwarfing Pepe Coin and Popcat Recent Fame

The meme coin market has recently been surging once again; tokens such as Pepe and…

15 hours ago

FLOKI Dominates Meme Market as Rollblock ICO Skyrockets. Is Polkadot Losing Its Edge?

The FLOKI price has recorded over 300% yearly ROI, dominating crypto gains in the meme…

15 hours ago

Which Crypto Could Turn $1K Into $100K: Algorand (ALGO), Aptos (APT), or Rollblock (RBLK)?

Crypto investors are constantly searching for promising opportunities to diversify their portfolios and Algorand, Aptos,…

15 hours ago

Which Crypto Could Turn $1K Into $100K: Algorand (ALGO), Aptos (APT), or Rollblock (RBLK)?

Crypto investors are constantly searching for promising opportunities to diversify their portfolios and Algorand, Aptos,…

15 hours ago

Plus Wallet vs. OKX: A Look at Security, Privacy, and Global Accessibility

A Complete Comparative Analysis of Plus Wallet & OKX: Security, Privacy, Accessibility & Rewards Choosing…

20 hours ago