Recent years have seen the advent of increasing ransomware attacks against companies across the globe and institutions within the Philippines appear to be more affected than most in 2021.

A survey by Sophos revealed that as much as 69 percent of Philippine-based firms suffered from ransomware—an increase of 27 percent from 2020—which is significantly higher than the global average of 66 percent.

Related: How to get rid of malware from your Android smartphone

According to the State of Ransomware 2022 global survey, some interesting findings can be found:

  • Ransom payments are bigger: 11 percent of organizations paid no less than $1 million, which is an increase of 4 percent from 2020.
  • Increase number of victims paying the ransom: As many as 46 percent of the victims choose to pay the ransom, despite a large majority of them having backups.
  • Greater impact: It takes an average cost of $1.4 million and an average time of one month to recover from a ransomware attack.
  • Cyber insurance is on the rise: As the damage that ransomware inflicts can be costly to any business, many organizations had been opting for reliable cyber insurance, in case of an attack.

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