These two types can be further divided into the following subcategories: Instead of starting up as usual, the device displays a screen that makes the ransom demand. The less common form of ransomware, called non-encrypting ransomware or screen-locking ransomware, locks the victim’s entire device, usually by blocking access to the operating system. The attacker then demands a ransom in exchange for providing the encryption key needed to decrypt the data. The most common type, called encrypting ransomware or crypto ransomware, holds the victim’s data hostage by encrypting it. There are two general types of ransomware. Ransomware attacks are expected to cost victims an estimated USD 30 billion overal in 2023 (link resides outside ibm.com). According to IBM’s Cost of a Data Breach 2022 report, the average cost of a data breach caused by a ransomware attack-not including the ransom payment-was USD 4.54 million. And ransom payments are only part of the total cost of a ransomware infection. However, according to the Definitive Guide to Ransomware, ransom demands have grown to seven- and eight-figure amounts. Ransomware victims and negotiators are reluctant to disclose ransom payment amounts. But this positive finding was eclipsed by a massive 94 percent reduction in the average attack timeline-from 2 months to fewer than 4 days, giving organizations very little time to detect and thwart potential attacks. The 2023 X-Force Threat Intelligence Index found that ransomware's share of all cybersecurity incidents declined by 4 percent from 2021 to 2022, likely because defenders were more successful detecting and preventing ransomware attacks.
Double-extortion attacks add the threat of stealing the victim’s data and leaking it online on top of that, triple-extortion attacks threaten to use the stolen data to attack the victim’s customers or business partners. By making regular or continuous data backups, an organization could limit costs from these types of ransomware attacks and often avoid paying the ransom demand.īut in recent years, ransomware attacks have evolved to include double-extortion and triple-extortion attacks that raise the stakes considerably-even for victims who rigorously maintaining data backups or pay the initial ransom demand. The earliest ransomware attacks simply demanded a ransom in exchange for the encryption key needed to regain access to the affected data or use of the infected device. According to the IBM Security X-Force Threat Intelligence Index 2023, ransomware attacks represented 17 percent of all cyberattacks in 2022. Ransomware is a type of malware that locks a victim’s data or device and threatens to keep it locked-or worse-unless the victim pays a ransom to the attacker.
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