Ransomware Attacks are on the Rise

Insurance is a must for enterprises engaging in e-commerce or Omni commerce

Once a ransomware data breach occurs, a company’s data is at the mercy of hackers. A company may get its data back using a backup (if backup software was installed before the attack). However, hackers have gotten wise to this, and they’ve adapted their methods by including a threat to not only encrypt stolen data but leak it to competitors or sell it on the black market. Globally, in 2024 ransomware attacks cost companies over $30 billion in 2024. That cost expected to rise to be well over $200 billion by 2030.

Many organizations fail to realize the benefits of security information management due to the often exhaustive financial and human resource costs of implementing and maintaining the software. However, consider these facts:

1. In 2024, 42% of all businesses and organizations were hit by ransomware.

2. ·The average cost of recovering from a ransomware attack was $2.85 million in 2024

3. ·Paying a ransom does not guarantee that all the data or access will be retrieved. Out of all ransomware victims, 32 percent pay the ransom, but only 65 percent were able to retrieve all of their data.

4. ·Backups are not a solution; only 57 percent of businesses are successful in recovering their data using a backup.