In addition, there were further costs incurred due to the downtime. The company said it based its figures on submissions to the ransomware identification service ID Ransomware, with 506,185 submissions made during 2020.
The costs were placed in two categories: the minimum cost and the estimated cost, with the latter taking into account Emsisoft's belief that only a quarter of incidents end up being reported.
While the US, expectedly, was at the top of the list with a minimum cost of US$920.4 million when both businesses and home users were counted, Australia was eighth, with minimum costs of US$424.1 million.
"Consequently, this report is not intended to be an accurate estimate of the true global cost of ransomware. Instead, we wish to highlight the scale of the problem.
"By drawing attention to the enormous economic impact of ransomware, we want to encourage companies, law enforcement agencies and lawmakers to be more proactive in combating one of the world’s greatest cyber security threats."
Brett Callow, a ransomware researcher with Emsisoft, said: "The number of incidents has remained fairly flat which, given the challenges caused by COVID-19 and remote working, could be perceived as a win.
"But it's a very, very small win. The fact that extremely large number of public and private sector companies continue to fall victim isn't at all encouraging.
"And nor is it surprising. Ransom demands have increased significantly, so threat actors are better resourced and more motivated than ever before.
"As we've said many times before, the only way to put a spoke in the ransomware industry's wheel is to cut off the flow of cash. If attacks become unprofitable, they'll stop. And that means companies' must stop paying ransoms."