Ransomware attacks decrease?
After a "successful" first quarter, ransomware attacks are in decline in mid-year 2022, according to recent reports from Coveware and SonicWall. Cybercriminals were impacted by volatile cryptocurrency prices and increased government and law-enforcement focus. Companies have also been hardening their defenses, and fewer of them are willing to pay a ransom (or are even prohibited to pay, such as some US agencies, counties and municipalities).
According to IBM Security’s 2022 Cost of a Data Breach Report, ransomware victims that opted to pay the ransom demands saw only $610,000 less in average breach costs compared to those that chose not to pay - that's not including the cost of the ransom. Factoring in the high cost of ransom payments, the financial toll may rise even higher, suggesting that simply paying the ransom may not be an effective strategy, the analysts noted.
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