Cybercriminals Hit Nigerian Companies, as 44% Pay Ransom to Retrieve their Key, Despite Backup
- Nigerian companies were once again at the mercy of cybercriminals as hackers increase their attacks
- A new report has revealed how Nigerian companies were forced to pay ransom to get back their exposed data in the last 12 months
- The criminals achieve this by exploiting business owners with ransomware with over 5,600 SMEs globally recorded to have fell victim.
44 per cent of Nigerian companies hit by hackers were forced to pay ransom to get back their encrypted data, the Punch reports.
This is according to Sophos' annual international survey and evaluation of real-world ransomware incidents report titled, ‘The State of Ransomware 2022.’
It noted that the number of Nigerian organisations that were hit with ransomware increased from 22 per cent in 2020 to 71 per cent in 2021 out of which 44 per cent of organisations that had data encrypted in a ransomware attack paid the ransom.
Source: Getty Images
What is Ransomeware
Ransomware is an extension of malware, used to paralyse the system of an organisation by cybercriminals who take possession of an organisation’s database, and places an encryption key, to deny the company access.
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In order for organisations to have access to the stolen files, they have to pay for the encryption key. And according to Sophos, 40 per cent of companies in Nigeria caught in the web paid in exchange for the key despite having backup data.
It was gathered that the organisations prefer to recover the stolen database due to the cost and time needed to deploy the backup data. Sophos also stated that some businesses’ backup data might not be up to date.
Key Findings for the report
The impact of a ransomware attack can be immense –The average cost to recover from the most recent ransomware attack in 2021 was US$3.43 million.
It took on average one month to recover from the damage and disruption. Ninety-seven per cent of organizations said the attack had impacted their ability to operate, and 96% of the victims said they had lost business and/or revenue because of the attack.
Many organizations rely on cyber insurance to help them recover from a ransomware attack – 81% of mid-sized organizations had cyber insurance that covers them in the event of a ransomware attack – and, in 97% of incidents, the insurer paid some or all the costs incurred.
Ninety-one per cent of those with cyber insurance said that their experience of getting it has changed over the last 12 months, with higher demands for cybersecurity measures, more complex or expensive policies and fewer organizations offering insurance protection.
AfricaNXT: A spectacular Afrocentric conference and festival
Meanwhile, Legit.ng had previously reported that the head of online, NCC, Dr. Ibietan explained the roles of technology in developing the African continent.
It was reported that he also examined what the continent needs to be reckoned with among the comity of nations in terms of technological advancement.
He said the NCC's key strategic objective is to leverage the rare assemblage to deepen engagement with the telecom consumers, innovators, businesses and the general public on the promises of 5G
Source: Legit.ng
