Ransomware amounts rise 90% in Q1, bitcoin is demanded in 98% of cases

The average ransom amount increased by 89% to nearly $13,000 in Q1 as more expensive ransomware (Ryuk, Bitpaymer, and Iencrypt) became more prominent, according to a company specializing in dealing with ransomware. The average downtime increased from a little over 6 days to more than 7 days while the downtime costs per company averaged nearly $66,000 in Q1.

The company also says that 96% of companies that pay the ransom receive a working decryption tool to recover their files. bitcoin is demanded to be used for 98% of all ransomware payments while 2% of cases allow payments in dash. Gandcrab, a common type of ransomware, is the only one that allows victims to pay in dash in addition to bitcoin. The victims of Gandcrab paying in bitcoin as opposed to dash are charged 10% more due to the costs of mixing coins.

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Larry joined crypto research full time in early 2017 and has expertise in capital markets, market structure and early stage DeFi companies/protocols and token economics. He has a background in economics and finance.