Looking for the latest cybersecurity 2021 ransomware stats and trends? We’ve got you covered.
Read this article to learn more.
Cybersecurity 2021: The Growing Threat Of Ransomware
Ransomware is a type of malicious software. It threatens victims to lock their files if they don’t pay for a ransom payment. But, there is still no 100% guarantee that they will restore access to the data.
Since 2018, ransomware is a popular form of attack. In fact, it grew by 350% in recent years. One factor that caused this is the rise of new ransomware variants grew 46% in 2019.
As a result, many businesses were affected. For one, 205,000 businesses lost access to their files in 2019.
From 2013 to 2016, the primary ransomware variants reported were CryptoLocker and CryptoWall. And in 2017 and 2018, that transitioned to WannaCry and SamSam. GandCrab and Ryuk were the primary ransomware families in late 2018 and early 2019.
One reason for this growth is because ransomware kits are available on the dark web. So, people who want to hack can do it even without prior knowledge in doing so. It’s also available for as low as $175.
The Cost Of Ransomware Attacks in 2021
The estimated cost of ransomware attacks was the following:
- 2020 – $20 billion
- 2019 – $11.5 billion
- 2018 – $8 billion
Every year, the downtime of operations also increased. And its rate is a whopping 200% over the year. So, it caused 23X greater than the average ransom requested in 2019.
For example, reports show that businesses lost around $8,500 per hour due to ransomware-induced downtime.
Industries Targeted By Ransomware
In North America alone, here are the latest reports on ransomware attacks:
- Government – 15.4%
- Manufacturing – 13.9%
- Construction – 13.2%
- Utilities – 11.1%
- Professional services – 10.4%
- Retail – 7.5%
- Real estate – 7.1%
- Hospitality – 6.1%
- Healthcare – 5.7%
- Education – 5%
- Financial institutions – 4.6%
Small & Medium Businesses
Even small and medium businesses are not exempted from these attacks. For one, 20% of ransomware victims are small to mid-sized businesses.
More so, most small businesses are unprepared for these attacks. That’s why they are more susceptible to ransomware.
City & Local Government
Hackers also extort money from government agencies. In fact, studies show that at least 948 government entities in the United States became victims.
So, it’s not surprising how news about attacks against state and local governments topped the top cybersecurity industry story. One reason is that attacks against municipalities increased 60% in 2019.
It also affected more industries than others. Ransomware attacks cost U.S. healthcare organizations $157 million since 2016. Moreover, ransom amounts on hospitals and clinics range from $1,600 to $14 million per attack.
Experts also predict that ransomware attacks on the healthcare sector will quadruple by 2020. This is a result of the past trends in 2019.
For instance, more than 700 healthcare providers fell victim to a ransomware attack that year. Unfortunately, it brought many damages.
For example, an individual healthcare record goes for close to $400 on the dark web. Hackers even target healthcare devices like pacemakers.