Ransomware attacks have now become frequent in the world of cryptocurrency and blockchain. As per a report by Coveware, a ransomware recovery firm, 2019’s first quarter recorded a dramatic rise in the average amount of cryptocurrency payout for cyber-attacks dealing with ransomware.
The bitcoin ransomware report in Brief
Ransomware attacks have boosted tremendously garnering a massive amount of profits for attackers.
The report stated statistics revealing 2018’s fourth-quarter recording an average ransom amount of $6,733. This amount grew up by 89% at $12,762 in the first quarter of 2019. The average ransom for Bitcoin reported an increase of 90% in this year’s first quarter.
The sudden increase in ransom demand is due to proliferating ransomware like Ryuk, Bitpaymer, and Iencrypt. These encrypt users’ files and data targeting a more extensive user base to demand in specific payments in cryptocurrency.
Ryuk targets large organizations with negligible time for downtime. The average downtime reported in the first quarter of 2019 is 7.3 days as compared to 6.2 in the fourth quarter of 2018. The sharp increase in downtime can be blamed on ransomware like Ryuk which is much harder to decrypt.
It usually takes at least a week for data to be decrypted and restored. Even though data is restored, there is no guarantee of 100% data recovery. According to statistics, 2019’s first quarter recorded a total recovery of 93% of data encrypted, this number fell considerably for Ryuk, with a data recovery rate of only 80%. Ryuk ransomware has grown in its ranking substantially now placing third on the market share charts in the first quarter immediately below Dharma and Crysis holding first and second position, respectively. The ransomware has also been reported to demand higher ransoms. Dharma charges an average ransom of $9,742 which is a lot less than Ryuk which requires an average ransom of $286,556.