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.