Ransomware Costs Skyrocket to $2M Amid Persistent Cyber Threats
May 3, 2024
The average ransom payment for ransomware attacks has surged by 500% over the past year, now averaging $2 million per incident.
Organizations face an average recovery cost of $2.73 million after a ransomware attack, which does not include the ransom paid.
Although there's been a slight decrease in the frequency of ransomware attacks, a majority of 59% of organizations still experienced such incidents.
Ransom demands have escalated, with 63% of them asking for over $1 million.
The primary cause for these ransomware attacks has been the exploitation of system vulnerabilities, followed by compromised user credentials and malicious emails.
A vast majority of affected organizations, 94%, report that attackers also targeted their backups, with 32% experiencing both data encryption and theft.
The findings are based on a survey conducted between January and February 2024, involving 5,000 cybersecurity and IT leaders.
Summary based on 1 source
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Help Net Security • May 2, 2024
Ransom recovery costs reach $2.73 million - Help Net Security