Seventy one per cent of Nigerian organisations were hit by ransomware in 2021, while 44 per cent of the affected firms were forced to pay ransoms to get their data back, a new report by Sophos, a United Kingdom-based cybersecurity solutions firm said
The number of Nigerian organisations that were hit with ransomware increased from 22 per cent in 2020 to 71 per cent in 2021,the report said
It reads: “The main findings of the State of Ransomware 2022 global survey from the Nigerian respondents, which covers ransomware incidents experienced during 2021, as well as related cyber insurance issues, include:More victims are paying the ransom — In 2021, 44 per cent of organisations that had data encrypted in a ransomware attack paid the ransom
“The impact of a ransomware attack can be immense — The average cost to recover from the most recent ransomware attack in 2021 was $3.43m. It took on average one month to recover from the damage and disruption. 97 per cent of organisations said the attack had impacted their ability to operate, and 96 per cent of the victims said they had lost business and/or revenue because of the attack.
“Many organisations rely on cyber insurance to help them recover from a ransomware attack – 81 per cent of mid-sized organizations had cyber insurance that covers them in the event of a ransomware attack – and, in 97 per cent of incidents, the insurer paid some or all the costs incurred.
“91 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 organisations offering insurance protection.”
It analysed the impact of ransomware on 5,600 mid-sized organisations in 31 countries in Europe, The United States, Asia-Pacific and Central Asia, the Middle East, and Africa.
