Ransomware Costs: Ransomware Payouts Jumped More Than 300% in 2020

Money, Money, Money

Ransomware Costs! Ransomware is profitable, but just how profitable is it? Initial reports for 2020 are in and the payday was huge. BankInfoSecurity.com reported that there was about “370 million in known 2020 ransomware profits. Via ransoms that got paid – which represents a 336% increase over known 2019 earnings…”

These numbers are only reflecting what was reported. If you’re a regular reader, you know that we discuss transparency a lot here. However, transparency is still a problem in ransomware reporting. Many companies are reluctant to reveal that they have been a victim. Such a revelation they fear can negatively impact their sales and stock price.

While some victims only release the most basic of information, some aren’t reporting at all. The $370 million in ransomware payouts isn’t the total, but it gives us a better picture of where the Cybercrime-as-a-Service (CaaS) industry is going. Yes, it is an industry, and a profitable one. Read more about the economics of the ransomware industry.

What are the different Ransomware Costs?

The average cost of dealing with a ransomware incident for a business can be over $40,000. Individuals pay a ransomware cost of $500 to $2,000 on average. For enterprise the cost is in the millions. Finally, for more information how to keep yourself safe, or how to report an attack, visit the FBI’s ransomware website. And remember to stay safe out there.

Learn more about the Ransomware Cyber Epidemic at Why Ransomware Pays?

Photo by Christine Roy on Unsplash

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