The average ransomware payment increased by a whopping 104 percent in the fourth quarter of 2019, spiking to $84,116 from $41,198 in Q3, according to a report from Coveware, a security vendor.Ransomware, also known as cyber extortion, involves the use of malicious software designed to block access to a computer system until a sum of money is paid.The 4Q increase reflects the diversity of the cyber criminals attacking companies.

Some ransomware variants are focusing on large companies where they can attempt to extort the organizations for seven-figure payouts.Small businesses, on the other hand, are bombarded with ransomware variants with demands as low as $1,500.The total cost of a ransomware attack depends on its severity and duration and includes the costs of the ransom payment (if one is made), as well as remediation costs, lost revenue, and potential brand damage.

In Q4, from victims and threatening to release it.In addition to remediation and containment costs, this complication adds the potential costs of third- party claims.Other key takeaways from the report include: