Cyber extortion: Ransomware results in R140 million loss for SA companies

Study shows how many companies have experienced ransomware attacks, how long it took for them to recovery and how much it cost them. Picture: iStockRansomware is a type of malicious software that encrypts a victim’s files and demands a ransom in exchange for the decryption key. This can also be viewed as a form of cyber extortion.

Apart from the companies that have lost more than R10 million each, 8.6% of the respondents said they lost between R1 million to R10 million. While 24% experienced losses between R100,000 and R1 million. 28% of respondents reported no financial impact. “Most organisations hesitate to disclose when attackers target them, so we don’t know the true extent of ransomware attacks in South Africa.”

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