Law360 (September 3, 2021, 2:25 PM EDT) — Cyberattacks are exploding. The coronavirus pandemic has further exposed cyber vulnerabilities due to remote work and the increasing use of underprotected devices. Ransomware attacks are increasingly becoming the cyberattack of choice.
While data breach and privacy claims fell between 2018 and 2020, ransomware attacks rose by 486% over that same period.[1] Victims of ransomware paid $350 million in 2020, an increase of 311% over the previous year.[2]
The average ransomware payment in 2020 was $312,943.[3] The costs of ransomware extend well beyond the ransom payments. The average downtime due to an attack is 21 days[4] and it takes a business an…
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