The true cost of ransomware extends beyond the ransomware payment. Case and point: In early 2021, CNA Financial Corp., one of the largest insurance companies in the U.S., paid a $40 million ransom to hackers after an attack left their data compromised and the company locked out of their network. The ransom – a staggering number compared to the average ransom payment of $220,298 – was paid after two weeks of negotiations between the hackers and company leaders.
Cybercriminal activity has become more sophisticated and innovative in recent years. As noted in our 2021 Threat Report, attacks have shifted as ransomware has become more targeted, better implemented and much more ruthless, with criminals specifically targeting higher value and weaker targets. Simply put, businesses have become preferred targets because they can and will pay more to get their data back.
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