Ransomware was the leading cause of loss for SMEs last year, according to a study released Tuesday by cyber-risk and response company NetDiligence.
The average redemption amount jumped to $ 175,000 in 2019 from $ 72,000 in 2018, according to the report from the Gladwyne, Pennsylvania-based company. The number of cyber incidents for small and medium-sized companies increased from 19 in 2015 to 301 in 2018 and was 263 in 2019, according to the report.
The data have been compiled in more than 20 ways, including total, average and median costs. the nature of the event, including the type of data exposed, the business sectors concerned, the plaintiff's revenue level and the reasons for the loss; and the impact of cybercrime, including business and social technology interruptions and ransomware.
The average revenue for SMEs was about $ 90 million, while the average revenue for large companies was $ 8 billion.
The report was sponsored by Chicago-based RSM US LLP, an auditing, tax and consulting firm, and by Experian Data Breach Resolution, a unit of Dublin-based Experian PLC.