Ransomware attacks continue to rise, with the average ransom payment increasing by 500% to $2 million, according to Sophos’ “State of Ransomware 2024” survey.
2 May 2024 – According to the latest “State of Ransomware 2024” survey by Sophos, organizations are facing a significant increase in ransom payments, with the average ransom payment skyrocketing to $2 million, a fivefold increase from the previous year. The report also highlights a rise in the average cost of recovery, reaching $2.73 million, indicating the growing financial impact of ransomware attacks.
The survey, conducted among 5,000 cybersecurity and IT leaders globally, found that despite a slight reduction in attack rates, ransomware remains a pervasive threat to organizations, affecting 59% of respondents. Even smaller organizations, with revenue under $10 million, are not immune, with 47% being targeted by ransomware attacks.
Exploited vulnerabilities, compromised credentials, and malicious emails are identified as the primary entry points for ransomware attacks, with exploited vulnerabilities leading to the most severe impact on organizations. The report also reveals that the majority of ransom demands are for $1 million or more, indicating a growing appetite among cybercriminals for substantial payoffs.
While organizations are increasingly facing these threats, the report emphasizes the importance of proactive measures to defend against ransomware attacks. Sophos recommends implementing robust endpoint protection, conducting regular risk assessments, and developing comprehensive incident response plans.
