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Malware that encrypts a victim’s data until the extortionist’s demands are met is one of the most common forms of cybercrime. And the prevalence of ransomware attacks continues to increase. Cybercriminals are now using more than 50 different forms of ransomware to target and extort money from unsuspecting individuals and businesses. Ransomware attacks are pervasive. More than 4,000 ransomware attacks happen every day, and the volume of attacks is increasing at a rate of 300 percent annually.
According to an IDT911 study, 84 percent of small and midsize businesses will not meet or report ransomware demands. No one is safe from ransomware, as it attacks enterprises and SMBs, government agencies, and individuals indiscriminately. While ransomware demands more than doubled in 2016 to $679 from $294 in 2015, the cost of remediating the damage and lost productivity is many multiples higher.