DIGITPOL estimates that ransomware costs are expected to reach $300 Billion by 2031

Spread the love

The Cybersecurity company Digitpol predicts that there will be new ransomware attacks every 2 to 3 seconds as ransomware criminals have become so skilled in 2020 and 2021, this activity will only increase. Ransomware criminals have progressively refined their malware payloads and related extortion activities, all applications are a target.

The figures are clear, according to the FinCEN Report The report’s conclusion unequivocally points to a ramp-up in ransomware-related activities throughout 2021:

  • Financial institutions filed 635 SARs in the first half of 2021 related to suspected ransomware activity.
  • The SARs referenced 458 suspicious transactions amounting to $590 million.
  • The H1 2021 figure exceeds the value reported for the entirety of 2020, which was $416 million, showing an uptick in ransomware activity.
  • The average amount of reported ransomware transactions per month in 2021 was $102.3 million.
  • Based on SARs data, FinCEN said it identified 68 different ransomware variants active in H1 2021.
  • The most commonly reported variants in H1 2021 were REvil/Sodinokibi, Conti, DarkSide, Avaddon, and Phobos.

More information can be found here:  Financial Trend Analysis (fincen.gov)

US Treasury said it that it has tied $5.2 billion in BitCoin transactions to ransomware payments. The financial crimes investigation unit of the US Treasury Department, also known as FinCEN, said today it identified approximately $5.2 billion in outgoing Bitcoin transactions potentially tied to ransomware payments. According to a report from Palo Alto Networks’ Unit 42 security consulting group, the average ransomware payment climbed 82% to a record $570,000 in the first half of 2021 from $312,000 in 2020.

The Supply Chain is a Top Weak Link For Hackers To Exploit

A new study says by cybersecurity company BlueVoyant shows that the supply chain is a magnet for cyber breaches. “A whopping 97% of firms have been impacted by a cybersecurity breach in their supply chain, and 93% admitted that they have suffered a direct cybersecurity breach because of weaknesses in their supply chain.“ Supply chain cybersecurity breaches have hit alarming percentage of firms: survey | Fox Business

“Supply chain attacks rose by 42% in the first quarter of 2021 in the US, impacting up to seven million people, according to research. Analysis of publicly-reported data breaches in quarter one by the Identity Theft Resource Center (ITRC) found 137 organizations reported being hit by supply chain cyber-attacks at 27 different third-party vendors.” ‘Troubling’ rise in supply chain cyber-attacks – Supply Management (cips.org)

IOT as a Prime Target For Breaches

Cyber-physical systems (OT/IT) and the integrations of millions of devices in our lives has created a IoT cybersecurity challenge for people, business, and governments.

As IoT devices store, transmit and process so much essential data every day, they serve as the perfect target for cyber criminals. According to an article published by Cyber Magazine, IoT devices suffer an average of 5,200 cyber-attacks every month.”  Cyber Threats Haunting IoT Devices in 2021 – Kratikal Blogs

Cybersecurity is all about risk management, Digitpol provides cybersecurity for all devices, desktops, laptops, workstations, networks, and cloud environments. Digitpol advises business owners to take cyber and IT matter seriously as its proven ransomware attacks can happen to anyone and to companies of any size.

Digitpol provides IT support and cyber security services to clients of all sizes, regardless of an infrastructure, we will ensure your IT, security policies and systems are upto date and robust.  Digitpol is a multinational global cybersecurity company serving  customers across roughly 140 countries via our partners and our global networks. 

For Cyber Security Services or Consultation, Visit: https://digitpol.com/cybersecurity/

Email: [email protected]  / Phone: +31558448040

Digitpol BV, HNK, Boogschutterstraat 1 – 43, 7324AE, Apeldoorn, The Netherlands

Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Fortune Thinker journalist was involved in the writing and production of this article.

Share This Post: