As Ransomware Threats Mount, It’s Time for Coordinated Tactics

Cybercriminals have been able to act with impunity and without sufficient consequences, said experts at the recent RSA Conference 2021. Ransomware attacks have become economically burdensome but also increasingly disruptive to basic services, such as health care and education. As the targets for attacks have increased given digitization, the economic and social impact has also grown exponentially. The average ransom paid for organizations increased from $115,000 in 2019 to $312,000 in 2020, a 171% year-over-year increase, according to a 2021 report from Palo Alto Networks. Additionally, the highest ransom paid by an organization doubled from 2019 to 2020, from $5 million to $10 million.