Ransomware by the numbers
Global ransomware damage costs were predicted to reach $20 billion annually in 2021, up from $325 million in 2015, which is a 57X increase. In a decade from now, the costs will exceed $265 billion*.
Cybersecurity Ventures predicted that a business fell victim to a ransomware attack every 11 seconds in 2021, up from every 14 seconds in 2019. This makes ransomware the fastest-growing type of cybercrime*.
The frequency of ransomware attacks on governments, businesses, consumers, and devices will continue to rise over the next 5 years and reach every two seconds by 2031.According to a report by Cybersecurity Ventures, ransomware attacks are projected to cost businesses $11.5 billion annually by 2021*.
A study by Datto found that 43% of small businesses that suffered a ransomware attack were forced to shut down operations permanently.
A survey by Carbon Black found that 71% of organizations that suffered a ransomware attack in the past year paid the ransom, with an average payment of $133,000.
These statistics demonstrate the significant financial and operational impact that ransomware attacks can have on businesses of all sizes. They also highlight the importance of taking proactive measures to protect against these types of attacks and having a plan in place to respond if an attack does occur.
Ransomware actors know that the entire operation of small and midsize businesses can be put to a grinding halt when faced with cyberattacks, as these businesses have fewer IT security resources to respond to cyberattacks. Working with a cyber security assessment company like Firminy Solutions, businesses can reduce their risk of falling victim to a ransomware attack and minimize the impact if one does occur.
*Source: https://cybersecurityventures.com/top-5-cybersecurity-facts-figures-predictions-and-statistics-for-2021-to-2025/
