How ransomware attacks may be the biggest threat globally

The frequency of social engineering attacks have skyrocketed in recent years and ransomware remains one of the top cyberattack methods, a report has said. It added the median cost per ransomware incident doubled over the past two years, with ransomware accounting for one out of every four breaches worldwide.

According to Verizon 2023 Data Breach Investigations Report, 95% of ransomware incidents cost organisations between $1 million and $2.25 million. The report said that rising costs coincides with a dramatic rise in frequency as the number of ransomware attacks was greater than the previous five years combined.

Verizon Business said that it analysed 16,312 security incidents and 5,199 breaches and chief among its findings is the soaring cost of ransomware – a type of cyberattack wherein hackers encrypt an organisation’s data and then extort large sums of money to restore the access.