"Ransomware Costs Financial Services $32bn in Five Years"

According to security researchers at Comparitech, global financial services organizations have lost over $32bn in downtime since 2018 due to ransomware breaches.  The researchers analyzed 225 confirmed attacks on the sector over the past five years and found that the average organization loses two weeks in downtime due to an incident.  Among the sub-sectors analyzed in the financial sector were credit unions, accounting companies, public and retail banks, and insurers.  Of these, insurance companies recorded the highest number of attacks over the period (65).  The researchers noted that demands varied from $180,000 to $40m, with the average demand peaking in 2021 at $61.6m.  The researchers noted that 2021 was the biggest year for ransomware attacks on finance companies, with 86 recorded in total, followed by 2020 (56).

Infosecurity reports: "Ransomware Costs Financial Services $32bn in Five Years"