Canadian victims have recorded 235 known ransomware attacks in 2021. According to a Canada digital cybersecurity agency report, more than half hit electrical grids, oil and gas systems.
Most ransomware attacks go unreported, warns the Communication Security Establishment’s (CSE) Canadian Centre for Cyber Security published in December 2021.
Hackers use malware to infect individuals or organizations’ devices and encrypt them against their will. They then demand a ransom—ransomware—usually in cryptocurrency such as bitcoins. It is very less likely for the company to recover the data without making the payment to the hacker. Even after making the payment, there is very little probability to get the data back.
Ransomware on the rise leading to cyber attacks
Indeed, ransomware is on the rise. In a December 6, 2021 news release, the Government of Canada noted that,
- Ransomware has affected a lot of countiries, Canada is amongst the top.
- The number of reported ransomware attacks worldwide increased 151% from 2020 to 2021.
- The average ransom payment worldwide is around CAD 200,000.
- The average recovery cost worldwide has doubled, from CAD 970,722 in 2020 to CAD 2.3M in 2021.
- More than half of Canadian victims of ransomware were critical infrastructure providers, including the energy, health, and manufacturing sectors.
- Since March 2020, nearly a quarter of Canadian small businesses have experienced some kind of cyber incident.
Meanwhile, 2022 will see a continuation of double-extortion ransomware attacks, where your data is encrypted. The hacker simultaneously threatens to release the data.
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