In 2016, a new type of malware reared its ugly head and dominated the cyber crime space: Ransomware. Many cases, such as Hollywood Presbyterian Hospital, fell victim to a ransomware attack and ended up in the news. At the end of 2016, about 70% of executives gave in to cyber criminals’ ransomware demands.
The ransomware epidemic shows no signs of slowing. That’s not a surprise, given that 7 out of 10 executives say they’ve been willing to pay up to get company data back.
That’s what respondents revealed during a recent study conducted by IBM. With odds like those, it’s easy to understand why cybercriminals have such a singular focus on ransomware these days.
It’s even easier when you find out that at least half of the payments were greater than $20,000… and 1 in 5 ransoms paid was at least $40,000. Those big payouts have helped turn ransomware into a $1 billion criminal enterprise this year. According to a report from Datto, the total financial impact on small businesses in the U.S. alone is somewhere around $75 billion….
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