20 Ransomware Statistics Small Businesses Should Know

Ransomware incidents take small businesses by storm. The latest ransomware statistics prove this point. We’ve gathered all the essential ransomware attack statistics to help you prepare for data breaches caused by ransomware due to ransomware payments. Let’s dig deeper to understand the ransomware environment.



What is a Ransomware Attack?

Ransomware is a malware program that can lock your device or its data and demand a ransom payment in exchange for access to the device or data. Ransomware attackers threaten victims to broadcast data on the darknet, hoping to receive ransom payments.

Trends in Ransomware Attack Statistics

Here are the key ransomware trends from research by Cybereason:

1. 1 in 4 companies exposed to ransomware attacks had to shut down their operations

Ransomware attacks can cause your business to fail. 25% of companies exposed to ransomware attacks had to stop their business operations. Therefore, you should take ransomware threats more seriously and take proactive measures to prevent ransomware infection.

Patching software vulnerabilities, adopting zero-secure network access, and using anti-ransomware software are some of the proven ways to keep ransomware hackers at bay.

2. 66% of businesses suffered significant revenue loss due to ransomware attack

Even if you decide not to pay the ransom, ransomware attacks cost businesses dearly. Businesses suffer loss of revenue due to system outages, interruption of business processes and allocation of resources to get rid of ransomware and restore brand image.

3. More than half of companies exposed to ransomware attacks reported a collapse in their brand image.

Most ransomware attacks negatively affect brands. 53% of organizations admitted that ransomware attacks damaged their brand. Therefore, it is imperative that your business has an aggressive ransomware recovery plan to minimize the damage caused by a potential ransomware attack.

4. Paying the ransom does not guarantee that you will receive your data intact

46% of ransom paying businesses get their data back. However, some or all of the data was corrupted. Therefore, paying the ransom is never a viable option to regain access to your data.

5. Supply chain attacks will increase in 2022

According to CheckPoint forecasts, supply chain attacks will increase in 2022. These supply chain attacks aim to cause data breaches or malware infections.

If your business falls into this category, you should increase security in your company to prevent any kind of cyber attack.

Statistics of Ransomware Attack Frequency

6. Spam and phishing emails are a major cause of ransomware infections

Statista research reveals that 54 %of ransom software contamination is caused by spam and identity hunt e-mails. The winners of other ransom software attacks include weak user applications (purity), lack of cyber security training, weak access management and open RDP access, not limited to them.

Therefore, educate your employees on cybersecurity best practices and use email security tools to prevent your employees from getting phishing.

7. 80% of ransom-paying organizations experienced another attack

You cannot expect threat actors to display integrity. So paying the ransom often doesn’t work—8 out of 10 organizations that pay the ransom witnessed another attack.

The only way to regain access to your data without any data loss is to automate the data backup process. Data backup allows you to quickly setup your system without paying any ransom.

8. 236.1 million ransomware attacks worldwide in the first half of 2022

According to Statista research, worldwide ransomware attacks decreased in the first half of 2022 compared to the same period last year. There were 304.7 million ransomware attacks worldwide in the 1st and 2nd quarters of 2021.

The increase in ransomware attacks last year can be attributed to the Covid-19 outbreak. Although the number of attacks is decreasing in 2022, the ransomware payment is increasing every year. So you can’t keep your guard up.

9. Ransomware will attack a business or individual every 2 seconds in 2031

Cybersecurity Venture predicts a ransomware attack on a business or consumer every two seconds by 2031. However, you should strengthen your cybersecurity to prevent ransomware attacks.

As threat actors continually improve their malware payloads and extortion activities, businesses will need to invest in cutting-edge security tools and resources to protect their critical data and IT infrastructure.

10. 95% of ransomware attacks attempted to infect data backup systems

You cannot be sure that you have backed up your data. Now, ransomware attacks are trying to infect data backup systems. According to the Veeam report, hackers are now targeting repositories.

Therefore, you should make sure that your data backup is properly separated. Storing multiple backups of data in various locations provides optimum security in this type of attack.

Cost to Ransomware Victim Statistics

Sophos’ latest Ransomware Status Report reported the following critical findings:

11. Average ransom payment is $812.360

Ransomware demands are on the rise. It is therefore natural that ransomware costs will increase. The average ransomware payout in 2020 was $170k.

However, the average ransomware cost reached US$812,360 in 2021; this is a 4.8 times increase compared to 2020. Data backup can significantly reduce ransomware costs, as you won’t have to pay for the decryption key.

12. Healthcare received lowest ransomware payout last year

The healthcare industry paid an average of $197k in ransom demand in 2021.

13. Manufacturing and manufacturing industry posted the highest average ransomware payments last year

If you are active in manufacturing and manufacturing, you need to invest heavily in security tools and hire skilled security professionals. The highest average ransom payment in this industry in 2021 was $2.04 million.

14. Average cost of fixing a ransomware attack is 1.4 million

If your business is attacked by ransomware, you can expect to pay $1.5 million to fix the impact. This is a huge amount for any small business. Therefore, you need to be on your guard to block ransomware attempts.

15. The average time to recover from a ransomware attack is one month

Since the average time it takes for organizations to recover from a ransomware attack is one month, your business may need a month to recover from a ransomware attack. That’s a long time for small businesses. Therefore, you should increase your security and start backing up data regularly.

Businesses with ransomware response plans take less time to recover from a ransomware attack. So come up with a ransomware response plan. Educating your employees about common ransomware attack vectors can play an important role in preventing a ransomware attack.

Other Ransomware and Cyber ​​Attack Statistics You Should Know

Here are some additional statistics from the Sophos report:

16. 66% of businesses affected by ransomware in 2021

Because of ransomware as a service, it has become easier to perform a ransomware attack. So it’s not surprising that there was a 78% increase in ransomware attacks over the course of a year.

In 2020, 37% of businesses suffered a ransomware attack. Therefore, it has become more necessary than ever to have a strict cybersecurity policy and the latest security tool to keep ransomware gangs at bay. Educating your employees on cybersecurity best practices goes a long way in protecting your systems from ransomware infection.

17. 65% of ransomware attacks involve data encryption

With cybercriminals becoming more and more successful at encrypting data, it’s critical for small business owners to have a backup of their data. Doing so will help them quickly recover from a ransomware attack without paying any ransom.

Even if they pay the ransom, they can’t get their full data – oftentimes the data is infected or some data is lost.

18. 86% of ransomware attacks result in lost business/revenue

As you can see, ransomware infections cost businesses dearly. Not only will you lose your job or income, you’ll also get bad PR. Therefore, you should strengthen your cybersecurity to reduce the security threats of ransomware.

19. 83% of businesses affected by ransomware have cyber insurance against ransomware

Having cyber insurance against ransomware is an effective way to cut ransomware costs or data breach costs. That’s why your business needs to take out cyber insurance with optimum security.

20. 72% of companies trust cybersecurity methods that cannot prevent a ransomware attack

Threat actors and ransomware groups carry out sophisticated cyberattacks. Therefore, do not rely on outdated tools and techniques to protect your IT infrastructure.

To mitigate cyber threats, you should invest in the latest security and ransomware tools.

How Often Are Ransomware Attacks Occurring in 2022?

According to the Statista report, approximately 236.1 million ransom software attack took place in the first half of 2022.

How Much Was Lost Due to Ransomware Last Year?

According to research by Cybersecurity Ventures, businesses lost more than 20 billion worldwide due to ransomware in 2021. And the ransomware damage cost is expected to reach 265 billion by 2031.

How Many Ransomware Attacks Occur Every Day?

Nearly 4,000 ransomware attacks have occurred every day since 2016.

Solution

These ransomware statistics show that the average ransom demand exceeds thousands of dollars. And businesses cannot fully get their data back, even after paying the ransom.

Therefore, to prevent ransomware infection, you should strengthen your cybersecurity and have a ransomware response plan in place to deal with any cyber incident.

Image: Depositphotos


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