Ransomware Surge: Why Cybercriminals Are Cashing In Big This Year
Ransomware is on the rise, with cybercriminals targeting major entities for bigger payouts. The average ransom demand has skyrocketed to $1.5 million, and victims face tough choices on whether to pay or risk data loss. While paying ransoms is discouraged, robust cybersecurity measures remain essential.
Hot Take:
Seems like paying a ransom is the new corporate equivalent of buying avocado toast. It’s expensive, it’s trendy, and it’s probably not the best financial decision in the long run.
Key Points:
- Ransomware attacks have surged, with 2023 projected to be a record year for ransom payments.
- “Big game hunting” targets fewer but more significant entities, extracting larger sums of money.
- The largest recorded ransom payment is $75 million, paid by a Fortune 50 company.
- Paying the ransom perpetuates the cycle of cybercrime and does not guarantee data recovery.
- Organizations can mitigate attacks through antivirus software, firewalls, regular updates, employee training, and backups.
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