WHAT IS RANSOMWARE?
Ransomware is a subset of malware in which the data on a victim’s computer is locked, typically by encryption, and payment is demanded before the ransomed data is decrypted and access is returned to the victim. The notification normally demands some sort of payment to restore the computer to its prior state. Ransomware typically spreads through phishing emails or by unknowingly visiting an infected website. Ransomware can be devastating to an individual or an organization. CISA, the US Cyber and Infrastructure Agency has stated that Ransomware has rapidly emerged as the most visible cybersecurity risk playing out across our nation’s networks, locking out private sector organizations and government agencies alike.
- It has been reported that over half US organizations faced successful phishing and ransomware attacks in 2019.
- Nearly half of these organizations saw %35 direct business impact due to loss of intellectual property.
- Healthcare and state and local government entities were hit particularly hard in 2019.
- Research has found that only 69% of victims who paid the ransom actually regained access to their data.
- According to the latest report from Forbes Magazine, the average cost to recover data is now over $84,000.