The Rising Cost of Cyber Attacks: Understanding Increasing Ransom Demands

The Expert Podcast

Cyber Security Risk Overview:
Ransomware is on track for its highest grossing year ever, with the average ransom payment rising significantly.

Current Statistics:

• Median ransom payment in 2023: $200,000.
• Median ransom payment in 2024: $1.5 million.
• Total ransomware payments in 2024: $75 million, compared to $37.5 million in 2023.

Trends in Ransomware:

• Ransomware gangs are demanding larger payouts.
• Hackers are increasingly targeting companies with substantial financial resources.

Prevention Strategies:

• Active Monitoring: Essential for detecting and preventing attacks.
• Best Practices: Implementing security protocols can significantly reduce risk.
• Response Team: A quick and effective response team can mitigate damage even after an attack begins.
• Recommendations:
  • Regularly conduct drills to test response plans.
  • Maintain ongoing best practices and active monitoring.

Consultation Availability:

• Access to live, one-on-one consultation with licensed experts in various fields including cyber defense, insurance, and business development.

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