Ransomware Statistics, Details, and Trends in 2023

Ransomware has developed from a buzzword to a menacing actuality posing a risk to governments, companies, and people throughout the globe. Bad actors use malicious software program to encrypt victims’ recordsdata, render them inaccessible, and demand particular ransom quantities in trade for a decryption key to unlock the recordsdata.

The devastating results of such assaults are twofold: the potential Loss of priceless knowledge and the monetary burden on victims. According to many stories, ransomware assaults have sapped over $2,500 per incident from a number of companies. They are poised to extract extra money for firms throughout numerous industries in the approaching years.

So, in this text, we are going to delve into the alarming statistics and tendencies surrounding ransomware assaults from 2018 to 2022, shedding gentle on the magnitude of this rising safety concern.

The Escalating Impact of Ransomware

/To higher perceive the ransomware panorama, we’ve compiled over 50 thrilling statistics and details from 2018 to 2022 and a couple of predictions for this huge safety concern in the current and coming years.

1. The Surging Global Impact of Ransomware Attacks is Overwhelming.

According to Sonicwall’s analysis, ransomware assaults surged over 100% in 2021. Small-to-midsized companies confronted the very best variety of assaults, however massive enterprises as nicely, have fallen sufferer to those assaults, with ransom calls for reaching 7 or 8 figures.

(Source: Sonicwall

2. CNA Financial made Headlines in May 2021 When They Paid a Record-breaking $40 Million Ransom.

These staggering figures spotlight the immense profitability of ransomware for cybercriminals, who can now acquire over $100,000 per assault from people, authorities our bodies, and even companies.

(Sources: Bloomberg, Dark Reading)

The Alarming Targeting of Backup Repositories

According to stories, cybercriminals have more and more focused backup repositories with uncountable ransomware assaults. To additional affirm, right here’s what we discovered:

3. In 2022, VEEAM Reported That 95% of Ransomware Attacks Strived to Infect Backup Systems.

This emphasizes the significance of securing off-site backups in quite a few areas to mitigate the chance of information loss and allow restoration throughout an assault.

(Source: VEEAM)

Vulnerabilities in Corporate Networks

Besides backup techniques, company networks have been extra uncovered to ransomware assaults. Positive Technologies’ examine in December 2021 revealed an alarming actuality:

4. 93% of Corporate Networks are Easily Penetrable by Hackers.

This makes organizations vulnerable to ransomware assaults, as hackers can exploit these vulnerabilities to deploy malicious software program.

(Source: Positive Technologies)

5. The Need for Robust Cybersecurity Measures is Evident, Yet a Shocking 50% of US Small and Midsize Businesses (SMBs) Lack Any Form of Cybersecurity.

This alarming statistic highlights the pressing want for startups and SMBs to prioritize cybersecurity to safeguard their priceless property.

(Source: UpCity)

The Costly Consequences of Ransomware

The monetary implications of ransomware assaults are substantial, with companies, governments, and people going through vital losses.

6. In 2020, a Travel-management Organization, CWT, Paid $4.5 Million to Hackers Who Held its Sensitive Information for Ransom.

Although this cost represents a substantial sum, it was lower than ½ of the attackers’ preliminary $10 million demand.

(Source: Reuters)

7. The Average Ransom Demand has Skyrocketed, With Cybercriminals Demanding $50 Million from a Leading Computer Organization, Acer, in 2021.

These escalating figures replicate the growing audacity of attackers and the dire penalties for victims.

(Source: Hindustan Times)

Shifting Targets: Infrastructure Under Siege

In current years, ransomware assaults have shifted their focus from people to bigger targets. Check these stats out.

8. According to Reports, Prominent Institutions Like Local Governments, Universities, and Hospitals have Faced Ransomware Attacks.

These establishments maintain essential infrastructure and delicate knowledge, making them prime targets for cybercriminals in search of substantial ransom payouts.

(Sources: AJC, AAMC, NY Times)

9. Despite the FBI’s Strong Advisory Against Paying Ransoms, Thycotic’s 2021 State of Ransomware Report Revealed that Approximately 83% of Victims End Up Paying.

FBI brokers attacked by ransomware exploiters needed to pay in the tip.

(Sources: Thycotic, FBI)

10. The High-profile Bout on Colonial Pipeline in 2021 Exemplifies the Vulnerability of Critical Infrastructure, as a Ransomware Attack Forced the Firm to Append Operations, Leading to Fuel Shortages in Seventeen (17) US States.

Although the agency lastly paid the $4.4 million ransom, the implications of such assaults lengthen past monetary losses, impacting public companies and nationwide safety.

(Source: NY Times)

The Lingering Effects of Ransomware Attacks

Apart from the financial results of ransomware assaults, these assaults inflict long-lasting injury that goes past the preliminary ransom cost.

11. The Baltimore City Government Experienced a Crippling Ransomware Attack in 2019, Estimated to Cost Over $18 Million to Recover.

Even although the cybercriminal exploiting the malware requested $76,000 value of BTC (Bitcoin), the assault disrupted vaccine manufacturing, hospitals, airports, and ATMs, illustrating the widespread affect of ransomware on numerous sectors.

(Source: SHRM)

12. The Recovery Process of Ransomware Attacks may be Arduous and Time-consuming, and Paying the Ransom Does not Guarantee the Successful Decryption of Files.

Only 4% of respondents who paid a ransom in 2021 obtained their knowledge again. Placing belief in cybercriminals typically results in disappointment and additional problems.

(Source: Trend Micro)

13. According to Sophos, Entities that Pay a Ransom Rarely Get Back All Their Data.

Globally, 8% of the organizations recovered 100% of their knowledge after paying a ransom. On the opposite hand, 29% obtained no more than half of their knowledge, whereas 65% obtained a median quantity of their knowledge after their ransom cost.

(Source: Sophos)

The Soaring Costs and Painful Damages of Ransomware Attacks

As ransomware assaults improve dramatically, their prices and damages are hovering. In addition to increased ransom calls for, cybercriminals are inflicting extra intensive injury than ever. These incidents spotlight the dire want for strong cybersecurity measures to forestall and mitigate the affect of ransomware assaults. Here’s what you have to know:

14. Ransomware Attacks: Projected Loss Values to Surpass $265 Billion by 2031.

The monetary toll of ransomware assaults continues to rise exponentially, with even Ransomware as a Service (Raas) coming into play at the moment. By 2031, loss values are predicted to exceed $265 billion.

(Source: Cybersecurity Ventures)

15. Ransomware Group LAPSUS$ Strikes NVIDIA, Encrypts and Leaks One Terabyte of Proprietary Data.

In 2022, a ransomware group, LAPSUS$, encrypted roughly one terabyte of proprietary data belonging to NVIDIA, releasing the info when the ransom went unpaid.

(Source: The Verge)

16. Multiple Universities in Canada and the United Kingdom Compromised in Blackbaud Cloud Computing Provider Hack.

Universities and instructional establishments have additionally fallen sufferer to assaults, with over 10 universities in Canada and the United Kingdom being compromised after hackers hacked the frequently-used cloud computing supplier for instructional establishments, Blackbaud.

(Source: BBC)

17. Blackbaud Pays Ransom Despite Claiming Successful Defense Against Ransomware Attack.

According to The Register, the cloud computing supplier Blackbaud paid for its ransomware assault regardless of asserting it had efficiently warded off the assault.

(Source: The Register)

18. Ransomware Attacks Doubled Previous Records in Just One Year.

In 1 yr (2020 to 2021), the infections brought on by ransomware assaults doubled to their earlier information.

(Source: Symantec)

19. Healthcare Providers Fall Victim to Costly Ransomware Attacks in Early 2019.

An spectacular variety of healthcare suppliers confronted ransomware assaults in early 2019, inflicting them to pay as much as $75,000 and extra for encrypted file restoration.

(Source: Health IT Security)

20. Alarming Increase in Ransomware Attacks: FBI’s Latest IC3 Report Reveals Over 3,700 Instances in 2021, Resulting in $49 Million Loss.

The newest IC3 report from the FBI recorded greater than 3,700 reported ransomware situations in 2021, with the US accounting for a complete of $49 million Loss and some going utterly unreported.

(Source: IC3.Gov)

21. JBS Pays $11 Million to Regain Access to Confidential Files, Triggers Massive Shortages.

One of the world’s main meat suppliers, JBS, paid as much as $11 million to entry its confidential recordsdata. Meanwhile, operations have been force-stopped in the method, which prompted huge shortages.

(Source: WSJ)

22. Garmin, Hit by Major Breach, Pays $10 Million to Restore GPS Services.

A major entity in the know-how trade, Garmin, skilled a essential breach that led to the extended inaccessibility of its GPS companies for a lot of days. The agency allegedly paid $10 million to regain management.

(Source: Sky News)

23. Massachusetts Educational Institution Pays in Bitcoin.

A Massachusetts instructional establishment paid $10,000 value of Bitcoin in April 2018 after an assault on their knowledge.

(Source: Cyberscoop)

24. Atlanta, Georgia Incurs Over $8 Million in Costs to Recover from Devastating SamSam Attack.

In March 2018, after the extreme SamSam assault, Atlanta, Georgia, recorded over $5 million spent on redeveloping its pc community, plus one other expenditure of practically $3 million for hiring disaster managers and emergency consultants.

(Source: Statescoop)

25. Albany County, New York, Hit by Three Consecutive Cyberattacks, Including Christmas Day Ransomware Attack on ACAA.

In late 2019, Albany County, New York, confronted 3 consecutive cyberattacks inside three weeks, together with an assault on the ACAA (Albany County Airport Authority) on Christmas day, resulting in a 5-figure ransomware cost.

(Source: Times Union)

Expert Predictions: The Persistence of Ransomware on Businesses and Consumers

Despite growing consciousness, ransomware stays a persistent and ever-evolving risk. Criminals are capitalizing on the profitability of ransomware-as-a-service packages, which require minimal experience to make the most of. These projections underscore the pressing want for enhanced cybersecurity measures and elevated give attention to coaching and prevention.

26. The Alarming Rise of Ransomware: Projected $10.5 Trillion Annually by 2025.

Cybersecurity consultants predict additional development in ransomware assaults, with Cybersecurity Ventures estimating that ransomware will value a staggering $10.5 trillion yearly by 2025.

(Source: Cybersecurity Ventures)

27. Rapid Escalation.

The frequency of assaults is anticipated to escalate, with an assault occurring each 2 seconds by 2031.

(Source: Cybersecurity Ventures)

28. Rapid Surge Expected.

According to Check Point, supply-chain assaults will improve dramatically.

(Source: Check Point)

29. Government of the United States Emphasizes Cybersecurity Training in Response to Rising Cyberattacks

Due to the potential development of cyberattacks, SC Media says that the federal government of the United States will focus extra on cybersecurity coaching.

(Source: SC Magazine)

30. Trellix Predicts Soaring Ransomware Demands as Attacks Become Highly Refined.

According to Trellix’s 2022 report, ransomware calls for surged in 2 years by 3900%, climbing from $5,000 (2018) to $200,000 (2020). As such, Trellix says that as assaults turn into extremely refined, the typical ransomware value will improve extra.

(Source: Trellix)

Did You Know?

While ransomware has prompted a lot monetary injury and technically, it’s best to know a couple of enjoyable details. They embrace:

31. The United States Treasury has related over $5 billion of BTC transactions carried out for ransomware funds.

(Source: The Record)

32. Up to 98% of ransomware funds have been carried out in Bitcoin, making crypto a main cost technique for ransomware.

(Source: Coveware)

33. 96% of corporations that paid for ransomware assaults in 2019 obtained decoding functions from hackers.

(Source: Coveware)

34. In 2016, victims that paid their ransom have been lower than 40%. However, this has climbed to 46% as of 2022.

(Sources: Sophos, Malwarebytes)

35. 65% of officers have obtained assistance-request from hackers.

(Source: Hitachi-ID)

36. Only 38% of native and state authorities workers bear ransomware prevention coaching.

(Source: IBM)

37. In 2016, firms misplaced over $75 billion yearly to ransomware assaults.

(Source: Datto)

38. In 2019, many important companies went offline in New York City, Albany, when it confronted a ransomware assault.

(Source: CNET)

39. Remediating ransomware assaults value organizations over $1.4 million.

(Source: Sophos)

40. Symantec found that in 2018, firms have been chargeable for 81% of each ransomware exploit through the yr.

(Source: Symantec)

41. Most customers found different methods of recovering their knowledge with out paying their ransom.

(Source: Datto)

Common Sectors Targeted by Ransomware as of Quarter 4 of 2021

Here are the industries and the extent of ransomware assaults they face in proportion all through the 4th quarter of 2021.

42. The media trade confronted 1.5%, and Real Estate and Capital Goods met 2.0%. 

43. Retailing confronted 3.6%, and Transportation and Food & Staples confronted 4.6%.

44. Technology Hardware confronted 5.1%, Software Services (5.6%), Financial Services (6.6%), Health Care (7.7%), Materials (9.7%), and Public Sector (10.2%).

45. Consumer Services and Professional Services have been probably the most affected industries recording 12.8% and 20.4% assaults.

(Source: Coveware)

How to Protect from Ransomware: Strategies for Defense

Individuals and organizations should undertake aggressive plans to guard their knowledge and techniques to minimize the chance of a ransomware assault. Implementing the next measures can considerably improve cybersecurity:

Do Regular Backups

Maintain the newest backups of essential knowledge on safe, off-site storage techniques to allow restoration throughout an assault.

Multi-Factor Authentication

Multi-factor authentication provides one other layer of safety to consumer accounts and prevents unauthorized entry.

Employee Training

Educate workers on the most effective cybersecurity practices, similar to ignoring suspicious downloads, recognizing phishing emails, and utilizing safer web shopping, similar to incognito mode.

Patch Management

Update software program and packages usually to guarantee vulnerabilities are resolved rapidly and to scale back the prospect of thieves exploiting them.

Firewalls and Antivirus Software

Set up dependable antivirus software program and strong firewalls to determine and cease hazardous exercise and potential threats.

Network Segmentation

Use community segmentation to isolate essential techniques and knowledge and reduce the affect of a ransomware assault.

Incident Response Plan

Develop a complete incident response technique to make sure a speedy and efficient response throughout a ransomware assault.

Cybersecurity Audits

Conduct common cybersecurity audits to discover weaknesses and openings in present techniques and procedures.

Encryption

Even if a ransomware assault is profitable, encrypt delicate knowledge to cease unauthorized entry.

Cyber Insurance

Consider getting cybersecurity insurance coverage for monetary safety and assist after a ransomware assault.

Conclusion

Ransomware continues to be a rising menace in the digital world, wreaking havoc on people, companies, and governments. The details and tendencies talked about in this text paint a stark image of ransomware’s rising affect. Individuals and organizations can bolster their defenses towards this persistent hazard by establishing efficient cybersecurity measures, remaining conscious, and being ready for doable assaults.

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