Coveware, which provides response services to ransomware attacks, has released a report for the fourth quarter of 2020.
The 4 most interesting data from the report
1. The average ransom payment stands at $ 154,108
It is a decrease of 34% from the third quarter.
2. Organisations decline to pay
The significant decrease in the average payment is due to the fact that more and more organizations are deciding not to pay the ransom.
3. 70% of ransomware attacks also include theft of information from the victim and double extortion
It is an increase of 43% from the third quarter.
4. Social Engineering is the main attack type
In the current quarter the main attack channel was social engineering attacks.
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( Source: Coverware Ransomeware Report)
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Ransomware Payments Skyrocket – Why Businesses Must Act Now
Ransomware attacks are intensifying at an alarming rate, with average ransom payments doubling in just a single quarter. This surge signals a dangerous trend – cybercriminals are becoming increasingly bold and sophisticated, targeting organizations that fail to proactively secure their systems.
The stakes are higher than ever. Businesses are not only losing critical data but also facing massive financial liabilities and reputational damage. Paying ransoms fuels this vicious cycle, encouraging attackers to strike again, often with more aggressive demands.
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Take action now and secure your organization’s future: https://calendly.com/aumint/aumint-intro🚨 Ransomware Costs Have Doubled This Quarter
Ransomware payments have surged, doubling in a single quarter.
Attackers are targeting unprepared organizations, leveraging advanced tactics and social engineering to extract huge sums.
The financial impact is devastating, but reputational damage and operational disruption can be even worse.
Traditional defenses like firewalls and antivirus software are no longer enough to stop modern ransomware threats.
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