The business services industry remains a significant target for ransomware attacks, particularly smaller enterprises. In 2020, 55% of ransomware attacks hit businesses with fewer than 100 employees, and 75% targeted those with under 1,000 employees. This trend persisted through 2023-2024, emphasizing the need for enhanced cybersecurity measures.
The rise of ransomware-as-a-service (RaaS) has exacerbated the situation, with ransomware groups licensing their malware to affiliates. The average ransom demand surged to $5,300,000 in 2023, placing a significant financial burden on affected businesses. The software industry, while not the primary target, accounted for 47% of ransomware attacks in the U.S. in 2023, with the average cost per attack reaching $4,450,000.
To mitigate these risks, organizations must implement strong security protocols, employee training, and regular software updates.
View the latest ransomware attacks on the Business Services sector:
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