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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