SonicWall estimates huge cost of ransomware attacks in 2019

SonicWall estimates huge cost of ransomware attacks in 2019

According to estimates from cybersecurity firm SonicWall, the global cost of redeeming sensitive information stolen by criminals in ransomware attacks could exceed USD 11.5 billion in 2019. shows that costs for data recovery can be as high as USD 3.9 million, and 1 in 10 companies will fall prey to ransomware this year, forcing them to cease operations until they are able to resolve the problem. These numbers are too concerning to ignore, and it’s important to be proactive by doing what you can to avoid becoming another victim.

A growing problem leading to a growing cyber security sector

Analysts from SonicWall have published a stating that since May 2018 there have been global losses of USD 12.5 billion attributed to ransomware cyber attacks. In terms of jobs in the cyber security sector, SonicWall predicts that between 2019 and 2022 there will be 6 million new jobs globally, representing a sector growth rate of 36.5%. The cyber security company also reports that SonicWall firewalls managed to stop around 10.5 billion malware attacks worldwide in 2018, a 22% increase from the previous year.

Malware on the rise, and the changing face of ransomware

SonicWall’s executive director Michael Berg stated that there were 1.64 billion malware attacks blocked in 2018 in Europe alone, including 36.1 million ransomware attacks halted. This actually represents a decrease in the quantity of ransomware attacks, which is a victory for cyber security in itself. But the complexity of ransomware attacks has increased, along with the average cost associated with them.

A powerful defence

SonicWall was founded in Silicon Valley in 1991 under the name ‘Sonic Systems’ and produced its very first firewall in 1998. The company name changed to SonicWall in 1999, and has grown to have as many as 1,350 employees worldwide in 2019. We use SonicWall firewalls because we know they are the best in the business, and if their predictions for 2019 are accurate, it is more important than ever to keep cyber security up-to-date in IT and telecoms. Talk to us today on 01625 466600 to discuss how a sonicwall firewall can keep you protected.

By | 2019-02-19T10:28:36+00:00 February 22nd, 2019|All News|