Know Everything About Ransomware 2022 | Highly Risk Malware
In this article, we will discuss how ransomware has changed over the years, the average ransom demand in 2022, and how government agencies will be impacted by attacks. We will also discuss the types of ransomware and their targets. We will also discuss the costs of a ransomware attack. After reading this article, you should be better prepared to handle a ransomware attack if it occurs.
Average Ransom Demand in 2022
According to a recent report, the average ransom demand for ransomware will reach $2.2 million in 2022, an increase of 78 percent over the previous year. According to the report, ransomware gangs are increasingly choosing encrypting data over simply exfiltrating data. Furthermore, ransom payments are becoming increasingly inflated, with 11% of organizations paying $1 million or more for a ransom. This increase is even more remarkable when you consider the psychological impact of a ransomware attack.
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The report also predicts that governments will be more proactive in combatting ransomware gangs in 2022, aiming to protect critical infrastructure and supply chains. A recent US government hosted a global ransomware summit to combat the growing problem. At the same time, law enforcement agencies have stepped up their proactive efforts to stop the growth of these criminal organizations. For instance, Europol and Interpol recently conducted investigations to disrupt the operations and gangs responsible for ransomware.
Impact of Ransomware on Government Organizations
According to a report released by Trend Micro last year, government organizations were the biggest victims of ransomware attacks in 2017. In fact, nearly half of all incidents involved a breach of sensitive information. Despite this, government organizations are struggling to do more with fewer resources, as a result of shifting budget priorities and a cybersecurity workforce shortage. But the impact of ransomware will not be limited to government agencies, which will continue to be targets of such attacks.
In addition to affecting individuals and organizations, ransomware will continue to cause damage throughout 2022. The United States government recently hosted a global summit to address the growing threat of ransomware. Law enforcement agencies have increased their proactive activities to combat these attacks, including stepping up efforts to stop ransomware gangs. Recently, Europol and Interpol conducted investigations to target and disrupt ransomware operations.
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Targets of Ransomware Attacks
In 2022, the government, businesses, and educational institutions will continue to be the targets of ransomware attacks. Some of these institutions were hit twice in the last two years, including the College of the Desert in the United Kingdom and the Taylor Regional Hospital in Indiana. These organizations have been impacted by the attack, which affected their phone lines and email accounts. Despite the attacks, many have been able to return their systems to normal.
Colleges and universities were the most common targets of ransomware in 2021, and the attacks caused high operational and financial costs. According to a recent study from Sophos, 5600 IT professionals and 411 higher-education organizations responded, and 80% of attacks were successful. Of those that were harmed, most were able to retrieve at least some of their data, but only a fraction of their original files.
Cost of A Ransomware Attack
The cost of a ransomware attack is not insignificant. Even if the data is encrypted, it will still cost businesses a lot of money to restore it. Public utilities and healthcare facilities are two of the most vulnerable to ransomware attacks. In some cases, downtime can be life-threatening for the customers, or even worse. Businesses may decide the cost of downtime is greater than the ransom, but it is important to remember the reputational damage the loss of data will cause.
One example is the 2017 WannaCry ransomware attack. It affected more than 200, 000 computers in 150 countries, and the total cost was around $8 billion. The latest attack, the NotPetya ransomware variant, affected thousands of businesses across the world and caused essentially irreversible damage. A few months later, the Bad Rabbit ransomware attack disrupted thousands of systems across Russia, Ukraine, and the European Union, costing the company nearly $300 million.