Report: The cost of ransomware in 2020. A country-by-country analysis

The cost of ransomware in 2020_ a country-by-country analysis

In The State of Ransomware in the US: Report and Statistics 2019, we examined the number of ransomware attacks on the U.S. public sector and the cost of those attacks. In this report, we will examine the number of attacks on both the public and private sectors for a number of countries and estimate the cost, including the cost of downtime, of those attacks on a country-by-country basis as well as estimate the overall global costs.

The calculation method and assumptions

Country-by-country breakdown

Ransom demand costs

Country Total submissions Minimum cost (USD) Estimated cost (USD)
United States 24,770 343,312,200 1,373,248,800
Canada 4,689 64,989,540 259,958,160
Germany 10,688 148,135,680 592,542,720
UK 4,999 69,286,140 277,144,560
France 8,754 121,330,440 485,321,760
Australia 2,874 39,833,640 159,334,560
Spain 8,840 122,522,400 490,089,600
Italy 11,580 160,498,800 641,995,200
Austria 1,698 23,534,280 94,137,120
New Zealand 467 6,472,620 25,890,480
 

Global total (all countries)

 

452,151

 

6,266,812,860

 

25,067,251,440

Total cost: ransom demand costs +  downtime costs (16 days)

Country Total submissions Minimum cost (USD) Estimated cost (USD)
United States 24,770 2,324,912,200 9,299,648,800
Canada 4,689 440,109,540 1,760,438,160
Germany 10,688 1,003,175,680 4,012,702,720
UK 4,999 469,206,140 1,876,824,560
France 8,754 821,650,440 3,286,601,760
Australia 2,874 269,753,640 1,079,014,560
Spain 8,840 829,722,400 3,318,889,600
Italy 11,580 1,086,898,800 4,347,595,200
Austria 1,698 159,374,280 637,497,120
New Zealand 467 43,832,620 175,330,480
 

Global total (all countries)

 

452,151

 

42,438,892,860

 

169,755,571,440

 

Conclusion

The data in this report is partly derived from third party statistics which may be based on limited datasets and, consequently, the costs stated above may be significant over- or underestimates. The calculations are, however, based on the best information currently available and we have almost certainly significantly understated the cost of both ransom demands and downtime.

While the above costs may seem extraordinarily high, it should be remembered that ransomware incidents can be exceptionally expensive – for example, Norsk Hydro estimated its ransomware-related losses at more than $50 million,

The intention of this report is not to accurately estimate the costs, which is impossible due to a dearth of data, but rather to shine a light on the massive economic impact of these incidents in the hope that doing so will help governments and law enforcement agencies formulate a proportionate response to the ransomware crisis.

Sources

1 Ransomware Costs Double in Q4 as Ryuk, Sodinokibi Proliferate – Coveware

22020 State of the Phish Report – Proofpoint

Emsisoft Malware Lab

Emsisoft Malware Lab

The Lab team is a group cybersecurity researchers whose mission is to enhance protection in Emsisoft products, help organizations respond to security incidents and create analysis that helps decision-makers understand the threat landscape.

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