Broker Check

Ransomware Update

April 01, 2022
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According to an article by Jim Tyson on the CFO Dive website (https://www.cfodive.com/news/cyber-extortion-surges-78-spread-ransomware-as-a-service/6211331/) the average ransomware payment in 2021 increased by 78% to $541,010 as reported by Palo Alto Networks. (Ransomware demands averaged $2.2 million, so the "good" news is criminals are not getting everything they want.) The FBI reported 847,376 complaints with potential losses over $6.9 billion.

The Senate committee on Homeland Security and Governmental Affairs estimated there were 623 million cyber attacks worldwide in 2021, 421 million in the United States.

According to Palo Alto Networks, cyber criminals are becoming more sophisticated , using multiple techniques such as "naming and shaming" or distributed denial of service to coerce victims. Ransomware -as-a-service sponsors sell startup kits and support services to criminals, with marketing strategies and technical support services.