May 2021 witnessed over 223.7 million ransomware attacks

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According to a report released by SonicWall, over 223.7 million ransomware attack attempts were detected by its researchers in May 2021, highlighting the fact that ransomware has become the most profitable cyber weapon for hackers to bank on

SonicWall researchers suggest that the maximum increase in ransomware incidents was seen in the United States followed by the United Kingdom.

Such trends often push the organizations into a defensive mode rather than an offensive mode, triggering no real consensus among them on how to combat the growing menace of the file-encrypting malware.

Furthermore, as some state-backed hackers are launching sophisticated attacks that involve double extortion crimes, victims are left with no other choice rather than to pay up to the demands of hackers than just mitigate risks.

Security analysts from SonicWall say they are witnessing a rise in ransomware spread due to an increase in the value of Bitcoins and other cryptocurrencies. As often such high value of crypto encourages cyber crooks to take up crime to make their fortunes.

Whilst the FBI and UK’s NCSC are urging the public not to pay the ransom, some security analysts hired by victimized firms are encouraging them to go for a ransom payment as the costs associated with such payments are less when compared to the data recovery charges.

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Naveen Goud is a writer at Cybersecurity Insiders covering topics such as Mergers & Acquisitions, Startups, Cyber Attacks, Cloud Security and Mobile Security