Over half of companies hit by ransomware last year

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The average cost of a ransomware attack reached a new high in 2017, according to a new report.

Cybersecurity firm Sophos quizzed 2,700 IT decision makers across 10 different countries, finding that the usual cost of an attack has now topped $133,000, including both the actual ransom, but also the cost of downtime, manpower, device cost, network cost and lost opportunities.

Five per cent of those surveyed have lost between $1.3 and $6.6 million.

The report polled IT decision makers in the US, Canada, Mexico, France, Germany, UK, Australia, Japan, India, and South Africa, finding that more than half (54 per cent) were struck by ransomware in the last year. Another third (31 per cent) expects to be victims to this type of crime in the future. On average, companies were struck by ransomware twice.

“Ransomware is not a lightning strike – it can happen again and again to the same organisation. Cybercriminals are deploying multiple attack methods to succeed, whether using a mix of ransomware in a single campaign, taking advantage of a remote access opportunity, infecting a server, or disabling security software,” said Dan Schiappa, senior vice president and general manager of products at Sophos.

“Due to this complexity and intelligence of modern threats, traditional endpoint technologies are often unable to keep up with advanced exploit attacks used to compromise a system."

Image Credit: Datto