The Rising Cost of Cyber Attacks: Understanding Increasing Ransom Demands
Download MP3Cyber Security Risk Overview:
Ransomware is on track for its highest grossing year ever, with the average ransom payment rising significantly.
Ransomware is on track for its highest grossing year ever, with the average ransom payment rising significantly.
Current Statistics:
- Median ransom payment in 2023: $200,000.
- Median ransom payment in 2024: $1.5 million.
- Total ransomware payments in 2024: $75 million, compared to $37.5 million in 2023.
Trends in Ransomware:
- Ransomware gangs are demanding larger payouts.
- Hackers are increasingly targeting companies with substantial financial resources.
Prevention Strategies:
- Active Monitoring: Essential for detecting and preventing attacks.
- Best Practices: Implementing security protocols can significantly reduce risk.
- Response Team: A quick and effective response team can mitigate damage even after an attack begins.
- Recommendations:
- Regularly conduct drills to test response plans.
- Maintain ongoing best practices and active monitoring.
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