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Ransomware: Recovery cost reaches $2 Million yearly-Sophos 

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By Juliet Umeh

Findings by a global next-generation cybersecurity, firm Sophos, has revealed that the average total cost of recovery from a ransomware attack has more than doubled in a year, increasing from $761,106 in 2020 to $1.85 million in 2021.

According to the company, the average ransom paid is $170,404. The global findings also show that only 8% of organisations managed to get back all of their data after paying a ransom, with 29% getting back no more than half of their data.

The survey polled 5,400 IT decision makers in mid-sized organisations in 30 countries across Europe, the Americas, Asia-Pacific and Central Asia, the Middle East, and Africa.

While the number of organisations that experienced a ransomware attack fell from 51% of respondents surveyed in 2020 to 37% in 2021, and fewer organizations suffered data encryption as the result of a significant attack (54% in 2021 compared to 73% in 2020), the new survey results reveal worrying upward trends, particularly in terms of the impact of a ransomware attack.

Principal Research Scientist at Sophos, Chester Wisniewski, said: “The apparent decline in the number of organisations being hit by ransomware is good news, but it is tempered by the fact that this is likely to reflect, at least in part, changes in attacker behaviours.

“We’ve seen attackers move from larger scale, generic, automated attacks to more targeted attacks that include human hands-on-keyboard hacking. While the overall number of attacks is lower as a result, our experience shows that the potential for damage from these more advanced and complex targeted attacks is much higher. Such attacks are also harder to recover from, and we see this reflected in the survey in the doubling of overall remediation costs.”

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