HomeSecurity ArchitectureAlarming Rate of Cyber Extortion Revealed in Ransomware Statistics

Alarming Rate of Cyber Extortion Revealed in Ransomware Statistics

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The global ransomware crisis is worsening, with incidents of ransomware and extortion surging by 67% in 2023, according to the NTT Security Holdings 2024 Global Threat Intelligence Report released in May 2024. The report highlighted that the manufacturing sector topped the list of attack sectors in 2023, accounting for 25.66% of attacks, with 27.75% of ransomware victims being reported on social channels.

Another report by Rubrik in May 2024 revealed that ransomware attacks impacted 20% of sensitive data in healthcare organizations. The report stated that 93% of external organizations that experienced a ransomware attack ended up paying the ransom demands, with 58% of payments being motivated by threats to leak stolen data.

Despite law enforcement efforts, ransomware activity is back on track according to the Corvus Insurance 2024 Q1 Ransomware Report released in May 2024. The report noted that global ransomware attacks in 2023 reached a record high, surpassing the previous year by close to 70%. Additionally, 1,075 leak site ransomware victims were posted on leak sites during the first quarter of 2024, despite disruptions to major ransomware groups like LockBit and ALPHV/BlackCat.

Sophos released The State of Ransomware 2024 report in May 2024, revealing that ransom recovery costs reached $2.73 million. The report highlighted a 500% increase in the average ransom payment in the last year, with 63% of ransom demands amounting to $1 million or more, and 30% exceeding $5 million.

Behavioral patterns of ransomware groups are changing, as stated in the GuidePoint Security GRIT Q1 2024 Ransomware Report released in April 2024. The report indicated a nearly 20% increase in reported victims in Q1 2024 compared to the previous year, despite disruptions to major ransomware groups like LockBit and Alphv. The number of active ransomware groups also doubled year-over-year, increasing from 29 distinct groups in Q1 2023 to 45 distinct groups in Q1 2024.

Cybercriminals are harnessing AI for a new era of malware development, according to the Group-IB Hi-Tech Crime Trends 2023/2024 report released in March 2024. The report highlighted the alliance between ransomware groups and initial access brokers (IABs) as a powerful engine for the cybercriminal industry.

IBM’s X-Force Threat Intelligence Index 2024 report revealed that ransomware attacks on enterprises saw a 12% drop last year, with nearly one in three attacks targeting Europe. Despite this decrease, basic security issues still pose significant threats to enterprises.

As ransomware tactics evolve and become more scrappy, organizations are investing more in data protection but recovering less, according to the Malwarebytes 2024 ThreatDown State of Malware report released in February 2024. The report noted a rise in ransomware attacks in 2023, along with significant increases in average ransom demands.

In conclusion, the ransomware landscape continues to evolve, with cybercriminals constantly adapting their tactics to exfiltrate sensitive data from organizations. Despite increased awareness and investment in cybersecurity measures, the threat of ransomware remains high, requiring organizations to remain vigilant and proactive in their defense strategies.

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