Ransomware attacks — in which hackers take over an organization’s computer systems and demand ransom payments to return them — reached a new high amid the pandemic, prompting cybersecurity experts and government officials to urge people to stop paying ransoms to hackers, arguing it's the only way to end the cycle.
In recent years, these attacks have become more focused, sophisticated, costly and numerous. According to the Federal Bureau of Investigation’s 2018 and 2019 Internet Crime Reports, there was a 37% annual increase in reported ransomware cases and a 147% annual increase in associated losses from 2018 to 2019.
Large corporations have been primary targets of ransomware, but many ransomware “gangs” also target small and medium-sized businesses, local government agencies, hospitals and school districts, which may be more vulnerable because they have fewer resources to invest in cybersecurity.