The threat from ransomware has grown during 2021, despite a decline in breaches in Q3, and these types of cyberattacks are expected to cost businesses more than $20 billion this year, according to NordLocker, an encrypted cloud service provider. "The latest statistics indicate that a worrying 37% of companies worldwide became victims of ransomware in 2020," Oliver Noble, a cybersecurity expert at NordLocker, said in a release. "From Campari Group in the food & beverage industry to Baltimore County public schools in the education sector, both of which became victims of ransomware last year, no business or institution can feel safe. Our analysis presents the scope of recent ransomware hacks as well as indicates which industries need to stay particularly cautious." Despite more companies simply refusing to give in to ransomware demands for a variety of reasons, hackers persist. And while businesses are saying "no" more often, the average total cost of recovery from ransomware has more than doubled from around $761,000 in 2020 to $1.85 million in 2021. While no sector or organization, no matter its size, is immune from ransomware threats, the above slideshow highlights the industries that have faced the highest volume of attacks, according to NordLocker. The finds are based on desk research of 1,200 ransomware events made public by 10 notorious ransomware gangs between 2020-2021. NordLocker noted most successful attacks are left undisclosed. "It is surprising how many companies still take cybersecurity for granted, 'inviting' hackers to exploit their vulnerabilities," Noble said. "When successfully attacked, companies get all their employee data, customer details, client agreements, patents, and other valuable business information inaccessible and threatened to be stolen, leaked, or destroyed for good. To avoid the doomsday, i.e. having business operations put to a standstill, damaged reputation, loss of clients, tiresome legal battles, and huge fines, some organizations are left with no choice but to pay ransom to get the decryption key." Related: |

• Why is underwriting ransomware risk so difficult?
• Is cyber insurance a worthwhile investment?
• Cyber losses are driven by business interruption, recovery costs