Dark Reading issued a new report that is not at all pleasant about ransomware and how spread it currently is. While most people believe that ransomware attacks are going down, the truth is completely different. It is just that most attacks do not end up covered by the press.
The report shows that there are still many different malware attacks happening. Many of the attacks are actually successful. This is why these attacks continue. Even if the ransom is not paid, the success of the attack is still there as the hacked network is not accessible.
The big problem is there are many victims that actually pay the ransomware attack ransom. In 2019 there were 4 times more people that paid the fee to have files restored, when compared to 2018. This is happening even if there are different projects developed to protect computers and security is higher than ever.
One thing that is really interesting is that 15% of the victims of ransomware actually lose money. Criminals do still see it as a lucrative and very interesting situation.
Unfortunately, attacks are much more sophisticated at the moment. They are also more severe. We need to change this or the number of attacks will keep increasing.
Cyber insurance is another reason why ransom payments increased. It is the insurance companies that end up paying, not the business. This is why just 15% of ransomware victims lose money. Companies now look for cyber insurance and use it to recover the financial losses that appear because of ransomware and malware attacks. Since the firm knows that it is going to get the money back from the insurance company, the ransom payment is made.