Ransomware threats are becoming more common for businesses due to evolving business models, the shift to remote work, and the increased use of cryptocurrencies. These threats involve malicious software that blocks access to computer systems or valuable data, often crippling business-critical processes and extorting businesses for cryptocurrency payments.
Thankfully, blockchain analytics tools are being utilized to combat this costly trend. These tools help experts 'follow the money' by tracking the movement of illicit funds. By doing so, they provide solutions and new defenses against ransomware attacks.
According to Chainalysis, a company that studies blockchain, addresses linked to ransomware attacks got at least $81 million in cryptocurrencies by May 10th, 2021. This is after they got a record $406 million in 2020.
But the real amount might be even more because companies often don't tell anyone about ransomware attacks that cost a lot of money, and these attacks are happening more and more.
Around 41 percent of companies have said they've had more cyber-crime, like ransom attacks, since their employees started working from home. Cases continue to mount, with the Colonial Pipeline being one of the latest victims. In May 2021, Colonial Pipeline was hit by a ransomware attack that messed up oil and gas deliveries in the US. The company paid $4.4 million in bitcoin to unlock its computer network.
Unfortunately, most ransomware victims are paying up in order to limit business disruption and damage. Global insurance firm Hiscox Group puts the figure at roughly 60 percent for impacted clients. However, paying the ransom doesn't ensure a full recovery. Usually, people who pay only get back about 65 percent of their encrypted data, and nearly 29 percent only get half of it back.
A report by cybersecurity company Sophos, called "The State of Ransomware 2021," looked at over 5,000 organizations worldwide. It found that 37 percent of the businesses had been attacked by ransomware in the past year. Sophos says ransomware is a big danger for businesses nowadays.
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