Quick Intelligence Blog

Ransomware is malicious software designed to make your data inaccessible by encrypting files on your computers and network. The cybercriminal that sent the ransomware will then ask you for a substantial ransom to unencrypt your files.

(Updated from September 15, 2021)

(Image courtesy Trend Micro)

(This is a summary of an article written for TLOMA Today: 5 Things Your Law Firm Can do Right Now to Improve Cybersecurity)

(Updated from September 29, 2021)

If you believe your company is too small to be targeted by cybercriminals, think again. Due to their lack of substantial cyber security budgets, small businesses are often viewed by hackers as “low hanging fruit,” or easy targets. Statistics confirm this as well.

(Updated from November, 19th 2021)

Many organizations feel that being prepared for a ransomware attack is futile. This couldn’t be further from the truth as told by BleepingComputer. Their article about the REvil ransomware attack on Kaseya VSA customers mentioned that many victims refused to pay the ransom. The reason: Backups!

The growth of ransomware continues, leaving many cybersecurity experts to wonder if there will ever be an end? The numbers for 2021 do not paint a good picture. Sophos says the average ransomware payment has increased to $812,260 compared with the 2020 average of $170,000. Worse still, the number of ransoms over $1 million has risen to 11% up from 4% in 2020.

One of the biggest stories in cybersecurity has been the big increase in ransomware attacks. Even though ransomware is not a new threat, it seems that attacks are happening more frequently. Barracuda researchers reported that they’ve identified and analyzed 121 ransomware incidents so far in 2021, which is a 64% increase in attacks. The ransom demands are also getting bigger, with Palo Alto Networks’ Unit 42 finding the average ransomware payment had risen to $925,162.00 during the first 5 months of 2022. That is up 71% from 2021.