Broker Warns Of 'Digital Pandemic' In Ransomware Attacks

By Martin Croucher (July 5, 2021, 2:43 PM BST) -- The average cost to businesses of recovering from a ransomware attack has more than doubled since 2020, an insurance broker said on Monday, warning that companies are facing a "digital pandemic" of cybercrime.

London-based Howden Broking said the cost to each company of "remediation" following a ransomware incident is approximately $1.85 million, up from $700,000 last year — a jump of almost 165%. 

The number of ransomware incidents has shot up by 171% across the globe in less than two years, up from 38.7 million in the first three months of 2019 to 104.9 million in the final quarter of 2020. Howden...

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