Ransomware Protection

“Ransomware is a type of malware which prevents you from accessing your device and the data stored on it, usually by encrypting your files. A criminal group will then demand a ransom in exchange for decryption.”

National Cyber Security Centre - https://www.ncsc.gov.uk/ransomware/home

Access
Attackers gain access to your network. They establish control and plant malicious encryption software.  They may also take copies of your data and threaten to leak it.

Activation
The malware is activated, locking devices and causing the data across the network to be encrypted, meaning you can no longer access it.

Ransom demand
Usually you will then receive an on-screen notification from the cyber criminal, explaining the ransom and how to make the payment to unlock your computer or regain access to your data. Payment is usually demanded via an anonymous web page and usually in a cryptocurrency, such as Bitcoin

National Cyber Security Centre - https://www.ncsc.gov.uk/ransomware/home

• Ransomware affected 66% of organizations in 2023, according to Sophos' "The State of Ransomware 2023" report.

   

• Of all cyber insurance claims, 19% were ransomware-related in the first half of 2023, according to the "Coalition 2023 Cyber Claims Report." The severity of ransomware claims reached a record high, with the average loss amount more than $365,000.

   

• The median ransomware demand was $650,000, though the actual median ransomware payment was 46% less at $350,000, according to the "2023 Unit 42 Ransomware and Extortion Threat Report."

   

• There are 1.7 million ransomware attacks every day which means every second 19 ransomware attacks. The first half of 2022 saw nearly 236.7 million ransomware attacks worldwide. Ransomware is expected to cost its victims around $265 billion (USD) annually by 2031.