Rising Costs of Cyberattacks: Ransomware Victims Paying More, Finds Report

Indigo Books & Music continues to calculate the extensive expenses resulting from a ransomware attack that temporarily crippled its e-commerce platform, disrupted payment processing in retail stores for three days, and caused its website to go offline for approximately a month earlier this year.

During its most recent quarter, the retailer incurred a loss of $42.5 million, $19 million more than the same period last year. Indigo stated that although an exact figure is unavailable, the majority of this increased loss was attributed to the cyberattack.

Indigo made the decision not to pay a ransom to the perpetrators, who utilized LockBit, a type of software, to unlawfully gain access to its network. The company expressed concerns that paying the ransom could potentially fund terrorists or individuals on sanctions lists.

However, a recent report from Blakes, a law firm, reveals that most Canadian companies affected by ransomware attacks do comply with ransom demands, which have become considerably more costly for businesses compared to previous years.

Ransomware attacks occur when hackers use malware to infiltrate a company’s IT systems, encrypt or steal information, and then demand payment in exchange for its return.

“The threat actors — the bad guys — are getting to be quit

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