"What's Behind Rising Ransomware Costs?"

The U.S. division of the global meat company JBS made the decision to pay $11 million to the operators behind the ransomware attack launched against its facilities in order to prevent any potential risk for its customers. The company also revealed that the payment was made after the impacted meat processing plants were operational again. The cybersecurity firm Sophos reported that the average ransom amount paid by ransomware victims in 2020 was $170,404. The highest ransom paid in 2020 among the organizations surveyed by Sophos was $3.2 million, which was less than a third of what JBS paid. However, $11 million is not the highest ransom paid in 2021 so far, as CNA Financial, one of the largest insurance companies in the U.S., reportedly paid hackers $40 million after it was hit with a ransomware attack that blocked access to the company's network and stole its data. Many attackers know that they could gain much more by targeting large companies. The average ransom demand grew between $50 million and $70 million over the first half of 2021, with most victims having paid a fraction of the demanded ransom after negotiating the amount down. Victims have relied on their cyber insurance policy to pay for some, if not all, of the rest of the ransom. Successful payments still motivate attackers to demand large ransoms. This article further discusses why attackers are demanding more, why ransomware victims are paying, and how organizations can defend against more costly ransomware. 

Security Intelligence reports "What's Behind Rising Ransomware Costs?"