Cybercrime continues to rise — the 2022 Internet Crime Report produced by the FBI's Internet Crime Complaint Center (IC3) revealed that the number of complaints it receives annually has more than doubled since 2018. The potential loss from cybercrime has also grown significantly – between 2021 and 2022, it rose from $6.9bn to $10.2bn.
IBM’s 2021 Cyber Resilient Organization Study revealed that 61% of organizations that have had a ransomware attack in the last two years paid the ransom. As a result, these attacks are growing in popularity among novice cybercriminals with limited technical skills who want to make money quickly. Targeting a business through phishing is a common delivery mechanism because it requires little technical knowledge and can be used by hackers who don’t have much experience.
Even if you pay the ransom, it doesn’t mean your data is safe or that your organization will be left alone.