Ransomware has become all too common, with companies such as JBS USA, Colonial Pipeline, Kaseya, Brenntag, CNA Financial suffering ransomware attacks that echoed in the industry about the impact these attacks can have.
In 2021, there was a ransomware attack every 11 seconds, said Barry Yuan, Security Technical Solutions Architect at Cisco. “It was the most disruptive year to date, with the cost of ransomware totaling $20 billion. On average, it costs each victim up to 2 million to recover from an attack,” Yuan said in a session at the inaugural NSF Information Security Symposium: Compliance vs. Attack. The Symposium brought together world-class experts in data security to share valuable lessons learned to reduce cybersecurity threats.