Ransomware demands in Japan are almost 26 times higher than in the UK, report finds
Ransom demands tend to be lower in order to make it easier for organisations to pay them, according to Sophos researchers
The average ransom demand for Japanese businesses was almost 26 times higher than for UK organisations in 2021, according to the latest ransomware report by Sophos.
Research conducted by the security software provider found that the UK’s average ransom payment for mid-size organisations was five times cheaper than the global average, which has soared from around $170,000 (£137,000) in 2020 to $812,360 (£645,525) in 2021.
Japanese organisations paid the highest ransoms in the world in 2021, with an average payment of $4,327,024 (£3,440,330).
Meanwhile, the 2021 average for the UK was found to be only $166,828 (£132,597), with 57% of organisations falling victim to a ransomware attack – only 4% lower than in Japan, at 61%.
However, the discrepancy in demands is due to UK organisations “being better prepared and paying ransom less often”, according to Sophos principal research scientist Chet Wisniewski.
In October 2021, the UK joined 30 other countries, including the US, Australia, and several EU members, in cracking down on ransomware payments by blocking the cryptocurrency payment channels used by cyber criminals.
Ransom demands tend to be lower to make it easier for organisations to pay them. Hackers tend to also make smaller demands if they’re aware that the targeted business uses backups to restore data in case it’s lost, Wisniewski told IT Pro.
RELATED RESOURCE
Security awareness training strategies for account takeover protection
Why you need an inside-the-perimeter strategy for internal threats
The latest State of Ransomware report found backups to be the most popular method used to restore data, having been used by 73% of organisations where data was encrypted. Despite this, 46% of the surveyed organisations admitted to paying the ransom to restore data to maximise the speed and efficacy of having the data fully restored.
Due to the high number of ransomware attacks, Sophos has urged organisations to not only make regular backups but also practice restoring from them to minimise the disruption to business following the attack.
The cyber security provider also recommended that organisations review their security controls, proactively hunt for threats ahead of a potential attack, patch all unprotected devices, as well as prepare a plan in case of a cyber incident.
-
Companies are still paying ransoms to cyber criminals despite official adviceNews A Proofpoint survey found evolving ransomware techniques and the use of AI is exacerbating the situation for victims
-
This one cyber crime group accounted for nearly a fifth of all ransomware attacks in JuneNews The Gentlemen, a ransomware a service operator, now accounts for 17% of published attacks
-
Working with the enemy: Ransomware negotiator-turned cyber criminal jailed after working with hackers to extort clientsNews Angelo Martino was supposed to be negotiating on behalf of victims, but was secretly working for ransomware operators
-
Hackers are posing as Interpol to target small businesses – here's what you need to knowNews Small businesses are warned to think twice before clicking on links
-
‘Every hour ransomware goes undetected drastically increases its potential blast radius’: Hackers are breaching networks and laying low for longer – and nearly half of firms don’t realize until data is stolenNews An ExtraHop survey found more intrusions are going undetected, leading to longer dwell times
-
Ransomware cartels are fragmenting into volatile splinter groups, warns Met Police cyber chiefNews Commoditized "cyber crime bazaars" and AI data mining are forcing law enforcement to rewrite its playbook
-
New ransomware threat group, The Gentlemen, has become one of the most active ransomware operators, accounting for 10% of all attacksNews NTT researchers warn that the RaaS group is leveraging SystemBC malware to establish covert tunnelling, evade detection, and support rapid lateral movement across enterprise environments
-
Instructure chose to a pay ransom following the Canvas cyber attack – research shows more than half of security leaders would follow suitAnalysis Opting to pay ransoms creates huge risks for enterprises – you’re relying on the word of criminals
