Beazley, an insurance company, has uncovered some interesting numbers on the latest ransomware strains. The report—which was published by Beazley Breach Response Services team—illustrated an astonishing fact: ransom demands are soaring and have exceeded millions! In some cases, the demand was as high as $2.8 million.
In such cases, cybercriminals masterminded ransomware attacks on specific organizations where they believed that loss of sensitive information could pressurize management into complying with their demands. However, there were some unusual cases too where the cybercriminals entered with diminished hopes but upon suddenly getting their hands on critical pieces of information, they improvised and asked for more money than they initially intended.
Before companies initiate their ransomware removal solutions, these ransomware campaigns apply further pressure on their shoulders via a number of tactics. This is done by surveying the entire network for information. Furthermore, any available backup solution instantly faces an attack from the ransomware to disable it so victims lose their copies. As a consequence, paying ransom remains the last option.
The report claimed that while the million-dollar ransom is a reality in 2018; on average a demand revolved around $10,000, a humungous 10x hike as the company observed an average ransom demand of $1,000 in 2016.
Most of the ransomware infections, 71 percent to be exact, occurred in SMEs (Small and Medium Enterprises). Security analysts believe that this might be due to weaker security standards in smaller non-IT businesses.
The company’s head, Katherine Keefe believes that each ransomware differs with its complexity and power to wreak businesses. She stated that the smaller businesses have a greater chance to be attacked due to a lack of available ransomware removal and security measures—an aspect for which their larger rivals carry an upper hand. She singled out next generation employee awareness/training and improved cybersecurity measures as useful solutions against these attacks.
