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The rise of ransomware: Its cause & effect

Part one: Discover how the ransomware situation reached a fever pitch and where it is heading.

By Evan Bundschuh, RPLU | January 31, 2022 at 12:02 AM
The hard truth is, cybercriminals are often spending more time and resources in executing attacks then many companies are spending in cybersecurity. (Credit: igorstevanovic/Shutterstock.com) The hard truth is, cybercriminals are often spending more time and resources in executing attacks than many companies are spending in cybersecurity. (Credit: igorstevanovic/Shutterstock.com)

In many ways, cyber risk is its own pandemic and ransomware has quickly become the predominant strain. Reports have estimated the volume of attacks alone has increased anywhere from 200% to 300% in 2020, and are doubling again.

The demands themselves are also growing. Many experts are citing a ransom increase of anywhere between 50% and 80% with remediation costs also doubling to $2 million, up from an average of $761,000 just two years ago. These increases can be attributed to the surging value of bitcoin, the increasing willingness of victims to pay, advances in intrusion techniques, and the growing market of cybercrime in general.

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