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Member, Beacon International Group, Ltd.
A report by Singapore-based cybersecurity provider Group-IB LLC said that the number of ransomware attacks soared by 150% in 2020 with a two-fold increase in the average extortion amount, Infosecurity-Magazine reported. Notorious hacking groups like Maze, DoppelPaymer and RagnarLocker demanded an average ransom of up to $2 million, as they targeted large, privately held organizations that cannot afford a longer downtime. Shift to remote working due to the COVID-19 pandemic led to increased ransomware attacks.