Ransomware demand is not coming low, as the highest recorded is said to be $30 Million, double the amount demanded last time.
The record for last time was recorded to be $15 Million which stands at $30 million during the year 2020.
The research conducted by cybersecurity researchers at Palo Alto Networks shows that ransomware attacks targetting organizations across North America and Europe, average ransom paid in exchange for a decryption key to unlock encrypted networks rose from $115,123 in 2019 to $312,493 in 2020.
“Organizations around the world are being held hostage by ransomware, and many are being forced to pay cybercriminals because they’re not equipped to combat the threat for varying reasons, from a lack of recoverable backups to the cost of downtime outweighing the cost of paying the ransom,” said John Davis, vice president of public sector at Palo Alto Networks.
As the ransomware attacks are increasing rapidly, there are very less chances that the demand gets decreased. The above-mentioned figures show growth of 171% year-over-year enabling cybercriminals to earn more.
A good number of organizations do not carry out a method for the prevention of ransomware attacks due to which such attacks remain effective and a good source of earning for cybercriminals. These hackers often ask bitcoins in return for the decryption key required by the organization to restore their network.
Phishing emails are a constant medium for cyber hackers, so the organization advises its employees to attain proper training so that unusual emails can be pointed out easily.
Experts also recommend multi-factor authentication, for the protection against such attacks, reports ZDNet
The example for this can be seen as the Cyberpunk 2077 got delayed as the team working behind, was unable to access their own working stations for two good weeks due to the attack of cybercriminals.
Image Source: Techjuice