Ransomware Attack Trends & The True Costs To Victims [extract]

Ransomware Attack Trends and the True Costs to Victims

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The rapid pace of technological advances, particularly in the realm of Information and Communication Technology (ICT), has contributed to the proliferation of cybercrime.

Indeed, Ransomware attacks have become a pervasive and evolving threat in the cyber security landscape, impacting organisations of all sizes across various sectors.

Monitoring the latest trends in ransomware attacks is essential for organisations to bolster their defences and protect themselves against potential threats as cyber criminals continue to refine their tactics. A few key facts demonstrate the extend of the problem:-

• The average cost of ransomware attacks has escalated to $2.73 million in 2024, which represents an increase of nearly $1 million (50%) in a year.

• Half of all the ransomware attacks conducted in 2023 happened in the United States.

• Hackers earned roughly $1.1 billion from crypto-related ransomware attacks in 2023, setting a new record.

• Up to 94% of the organisations that experienced a ransomware attack in 2023 said that the hackers attempted to compromise their backups during the attack.

• LockBit ransomware alone was accounted for around 25% of all ransomware attacks in 2023, with 1,047 victims that year alone.

• So-called 'double extortion' ransomware surged in 2023, with a 72% increase from the first to the second quarter.

• The central government sector has the highest ransomware attack rate as of 2024, with up to 68% of surveyed central government organisations from around the globe reporting they had experienced an attack.

(Full article length: 4,700 words)

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