Exciting Update: Ransomware Payouts Drop
Oh, Hack Yea! Sorry for the late note but I just had to share the amazing news!
Ransomware payouts were at a record low of 28% in Q1 2024. Just for comparison, the payout rate was 85% in Q1 2019. Coveware, a large cybersecurity firm, stated the reason for this is "organizations implementing more advanced protective measures, mounting legal pressure not to meet the crooks' financial demands, and cybercriminals repeatedly breaching promises not to publish or resale stolen data if a ransom is paid."
In other words, this is because YOU have improved. Your skills are recognizing phishing attacks. Your understanding of risks. Your implementation of secure protocols. Thank YOU for the hard work you have been putting in.
But it isn't all glitter and rainbows. Payouts in 2023 were in excess of $1.1 billion (that's billion with a B).
But take a moment and celebrate. Together, we are stronger.
#irs #cybersecurity #tax #accounting #taxtwitter #ransomware #fintech #bookkeeping #payroll