“Companies are willing to pay” to hackers: ransom value doubles and exceeds one billion euros

“Companies are willing to pay” to hackers: ransom value doubles and exceeds one billion euros

Victims of computer attacks with ‘ransomware’ paid ransoms worth a record 1.1 billion dollars (around one billion euros) in 2023, estimated a company specializing in cryptocurrency transactions.

‘Ransomware’ is a type of malicious computer program that exploits security vulnerabilities in companies or individuals and threatens victims with the destruction or blocking of access to data or critical systems until a ransom is paid.

The total paid last year more than doubled compared to the amount of 456.8 million dollars (around 424 million euros) recorded in 2022, according to the most recent study by Chainalysis.

The North American company indicated that “75% of ransoms paid amounted to one million dollars [929 mil euros] or more” and large companies are the main targets.

Computer attacks with ‘ransomware’ are “one of the main threats” in terms of cybersecurity in the world, the vice-president of the French cybersecurity start-up Cybelangel, Todd Carroll, told the France-Presse news agency.

Cybelangel’s annual report estimated that a company targeted by a ‘ransomware’ attack records, on average, a loss of 1.82 million dollars (1.69 million euros), a value that rises to 2.6 million (2 .42 million euros) with the payment of a ransom.

Among the most affected sectors are civil construction, information technologies, education and health.

In 2023, CybelAngel identified 62 groups of hackers involved in more than five thousand ‘ransomware’ attacks, most operating in small groups of a dozen members, in Russia, China, Eastern Europe or the Middle East. East.

The report also mentioned the development of the on-demand programming model, which allows ransomware creators to make these malicious programs available to other pirates who carry out attacks, whose ransom is then shared.

Todd Carroll highlighted that last year there was a 40% increase in ransom requests. And “we’re still a long way from reaching the peak,” he warned.

“The main reason for this increase is that companies are willing to pay,” explained Carroll.

A survey carried out among 900 directors and managers of information technology and computer security from large companies in Anglo-Saxon countries showed that almost 90% admitted to having been victims of ‘ransomware’ attacks in the second half of last year.

“Almost 90% of them claim to have paid a ransom to recover data, despite the organization’s non-payment policy”, highlighted the study’s author, the North American company Cohesity, a specialist in data management and protection.

In forecasts for this year, Russian cybersecurity company Kaspersky warned that cybercriminals could target even bigger targets, with “large companies” and “large logistics players” facing increased risks.

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This news article has been translated from the original language to English by WorldsNewsNow.com.

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