A recent report from cybersecurity firm Sophos revealed a significant increase in ransom payments by companies globally affected by ransomware, rising by 500% in 2023. The “State of Ransomware 2024” report indicated that organizations that paid the ransom reported an average payment of $2 million, compared to $400,000 in 2022.
Excluding ransoms, the average cost of recovery reached $2.73 million, nearly $1 million higher than the previous year. Despite a slight reduction in the rate of ransomware attacks, with 59% of organizations affected compared to 66% in 2022, the report found that 63% of ransom demands were for $1 million or more, with 30% demanding over $5 million. Sophos emphasized that ransomware operators are seeking substantial payoffs.
Commenting on the report, Sophos’ Chief Technical Officer, John Shier, emphasized the continued threat posed by ransomware attacks, stating that they fuel the cybercrime economy and offer opportunities for cybercriminals of all skill levels.