As ransomware is increasingly profitable, it is the obvious choice for many gangs. With the potential to wreak havoc on any organization, the average cost of a ransomware scam soared from $761,106 in 2020 to $1.85 million this year, per the Sophos State of Ransomware 2021 report. Beyond the ransom, victims must shoulder the heavy burden of business interruption, insurance policy consequences, mitigation, potential regulatory fines, third-party crossover harm and reputational damage.
Attacks are increasingly sophisticated, often involve multiple criminal gangs, and leave many organizations feeling like they have little choice but to pay up. As many as 56% of victims pay the ransom; whether they pay or not, only 29% of victims are able to restore all of their encrypted files; some sources peg that figure at eight percent.