The average cost for companies to recover from cyber-attacks has nearly tripled over the past year. The cost of recovering from a ransomware attack in 2020 was around £550,000 but it has skyrocketed in 2021 and the average is now around £1.3 million. The costs that will arise due to a ransomware attack will include the ransom itself, overall downtime, the cost of staff to resolve issues resulting from the attack, lost opportunities, and network costs.
A survey carried out Sophos for a 2021 ransomware report found that the average ransom paid so far in 2021 was around £120,000 but the highest Ransom recorded that was actually paid was a staggering £2.3 million. In total, 10 of the organisations surveyed paid more than £1 million worth of ransoms with only 8% of the total companies receiving all their data back once the ransom had been paid. There was also an increase in the number of companies that paid the ransom from 2020-2021. In 2020 it was around 26% and in 2021 this went up to 32%.
However, steps are being taken to help prevent ransomware attacks from crippling companies. The percentage of successful encryptions by hackers fell from 73% to 54% thanks to the help of anti-ransomware technology. Although more than half of the encryptions are still being completed, a 19% decrease is a huge step forwards in the fight against ransomware.
Not only are ransomware attacks becoming more abundant, but the hackers are making them a lot smarter and harder to combat but there are ways you can reduce the risk of you or your company falling victim. If you have any questions on this topic, please call us.