Ransomware Accounted for 81% of Financial Cyberattacks in 2020

The Biggest Ransomware Payouts in 2020

The report also highlights those companies that were worst hit by ransomware attacks last years, with some companies handing over eye-watering sums, just to get their businesses back on track again.

1. Garmin

Ordinarily being number one is the spot to strive for, but we suspect that Garmin could do without this particular accolade. According to the report, it was responsible for the biggest pay out, a huge $10 million, when it was the victim of a hack in July 2020.

The attack made headlines, and saw a majority of the companies servers go down, meaning that its customers were unable to use their devices, including smartwatches and aviation products.

The outage lasted four days. While it’s worth noting that the company never publicly acknowledged to have paid the ransom, insiders believe it’s the only avenue the company had to restoring its services.

2. CWT Global

This travel management company also received an unwelcome ransomware bill for $10 million but managed to negotiate it down to a slightly more palatable $4.5 million.

The attack also took place in July 2020, and used Ragnar Locker software, which is specially designed to target software used by managed service providers.

3. Travelex

This British foreign exchange firm, like CWT Global, were also able to negotiate the requested sum, bringing the initial ransom of $6 million down to ‘just’ $2.3 million.

The organisation behind the hack, the Sodinokibi gang, an organisation thought to be based in Russia, downloaded and encrypted 5GB of valuable company data.