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Ransomware Attacks up 10,000 Percent in Late 2020

Ransomware is a simple but effective method for cyber-criminals to make money from cyber-attacks. In the last couple of years, ransomware has skyrocketed, becoming one of the biggest challenges for security leaders. In fact, according to Nuspire’s latest Threat Report, the last quarter of 2020 saw a 10,000 percent increase in ransomware, with costs surpassing $178,000 per ransomware event.

A ransomware attack launches malware into a device to encrypt users’ files and then demands a ransom payment in exchange for the encryption key needed to restore the data. Sounds so simple, and yet it has company-wide implications that go beyond making a large ransom payment. Ransomware doesn’t affect just one device anymore; it can infiltrate deep into the network, encrypting the most sensitive data and disrupting organizational operations for hours to weeks.

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