Cyber Hackers Wreak Havoc as 71% of Nigerian Businesses Take Hits

• A report from global security firm, Sophos has revealed that 71% of Nigerian businesses were hit by cyber hackers in 2021.

• The report also disclosed that 44% of the affected organisations had to pay the ransom to get their data back.

• The report shows the impact of ransomware across 5,600 organizations in 31 countries globally.

71% of Nigerian organisations were hit by ransomware in 2021, a recently published report from Sophos has revealed. The cybersecurity company also revealed that 44% of the firms had to pay the cyber hackers to get their data back.

The report which was titled, “The State of Ransomware 2022”, covered ransomware incidents and cyber insurance issues that were experienced by 5,600 businesses in 2021.

The data output indicated that the number of Nigerian organisations that were hit with ransomware went up 22% from 2020. It also showed that more victims were forced to pay the ransom to the attackers.

The report also shows that the impact of ransomware attacks on businesses can be really immense. In 2021, the average amount paid by businesses globally to recover their data was $3.34 million. It also took the businesses more than one month on average to recover from the disruption.

97% of affected businesses said that the attack had affected their ability to operate while 96% claimed that they had lost revenue as a result of the attack.

The high payout was however due to the fallback plan that most organisations had. The report indicates that 81% of mid-sized organizations had cyber insurance that covers them in the event of a ransomware attack. In 91% of the incidents, the insurance company paid the cyber hackers some or all of the cost.

Read also: $615 Million Ronin Network Hack and 4 Mega Crypto Crimes of 2022

What is Ransomware?

Ransomware is a type of malware that holds the victim at ransom by encrypting information. When this hacking technique is employed, organizations lose access to files, databases, and applications. The hacker then demands a ransom to provide access to the data.

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