A new report by StockApps, a financial education website has revealed that about 66 per cent of business organisations were struck by ransomware in 2021.

The current figure marks a 78 per cent increase from 2020’s figures that stood at 37 per cent.

The report details that the increasing consideration of ransomware as a service model had lowered the skill level needed to carry out assaults on organisations, making it easier for hackers to to execute ransomware.

Edith Reads, a financial expert with StockApps explained that the move by cyber insurance companies to cover a wide range of ransomware recovery costs was encouraging a rise in extortion demands.

“Cyber insurance companies have begun to cover a wide range of ransomware recovery costs, including the ransom, likely leading to ever-increasing extortion demands,” she said.

StockApps further revealed that the amount being paid to hackers as ransom has significantly risen over the last one year with more victims paying ransoms of $1 million and above.

The report said the proportion of victims paying ransoms of $1 million or more has nearly tripled in the last year, rising from four per cent in 2020 to 11 per cent in 2021. 

It added that those paying less than $10,000 simultaneously fell from one in three (34 per cent) in 2020 to one in five (21 per cent) in 2021.

This disclosure came barely a month after popular sports betting website, Bet9ja, was hacked, shutting out users and leaving customers apprehensive about their investments.