Ransomware Statistics
The rapid growth of ransomware attacks has made this cyber threat a top concern for organizations worldwide. Below you can dive into the aggregated ransomware metrics to discover the reality of operational and financial impacts that companies are facing from this massive problem. While cybersecurity is a broad and massive industry, we’ve done our best to compile the data below from leading sources across the industry.
Cost of Attacks
Ransomware attacks continue to pose significant financial threats to businesses of all sizes. The immediate costs are clear, but there are often additional financial implications that are not immediately apparent. The expenses range from paying a ransom, paying a mediator, potential legal fees, incident response, data recovery, and bolstering security measures to prevent future attacks.
Almost one-third of SMBs faced $10,000–$50,000 in ransom costs.
According to the Rapid7 blog post, Coveware reported that the average ransom payment for Q3 2023 was $850,700.
Response to Attacks
When ransomware strikes, the response effectiveness can significantly impact an organization’s ability to recover. For example, law enforcement involvement has shown to help reduce the total time and cost to contain a breach. Additionally, the automation of response workflows also contributes to faster containment of ransomware attacks.
Frequency and Identification of Attacks
The frequency of ransomware attacks presents an alarming picture of the cybersecurity landscape. The data shows a substantial number of organizations falling victim to ransomware attacks with an increased incidence of intrusions. Despite this, there is a decrease in successful detection which raises concerns about the evolving sophistication of ransomware strains
In intrusions related to ransomware, organizations were notified by an external entity in 70% of investigations.
Specifics of Attacks
The specifics surrounding ransomware attacks provide a glimpse into the operational tactics of threat actors. Varied ransom demands, duration of attacks, and the proliferation of ransomware strains indicate a constantly evolving threat landscape. The details highlight the need for robust security measures and ongoing vigilance to stop these threats.
Total Number of Unique Ransomware Strains
Longest amount of time for ransomware payment*
Shortest amount of time for ransomware payment*
Average amount of time for ransomware payment*
*60 days was the longest amount of time between ransomware operators posting public ransom notes and the set deadline for victim payment, for an attack against an automotive and manufacturing company by the Conti gang in March 2022. The shortest amount of time was 14 hours, as observed in 2 attacks that used LockBit ransomware; the average amount of time was approximately 10 days.
Trends in Ransomware
The evolving trends in ransomware highlight the rising threat posed by these malicious software attacks. With a clear uptick in activity and a notable decline in the detection rate, organizations face an uphill battle in securing their enterprise. Leadership’s perceived readiness versus the reality of organizational preparedness reflects a wide gap worthy of addressing.
Ransomware shows no signs of slowing, with activity ending 13X higher than at the start of 2023 as a proportion of all malware detections.
Half of the 78% of leaders who claimed their enterprises were prepared for an attack, still fell victim to them.
Fewer organizations are successfully detecting ransomware than in the past (13% versus 22%).
(Good luck with your current EDR tools.)
Almost 75%, three quarters of companies say that a ransomware attack would be a death blow to their organization.
By 2031, ransomware will cost victims $265B annually, and it will attack a business, consumer, or device every 2 seconds.
27% of all malware breaches in 2023, involved ransomware.
Don’t become another statistic.
Get a demo of the Halcyon Platform and see how it is built with failure in mind, every step of the way.
With ransomware attacks and ransom payments seeing an upward trend in recent and coming years, it is wise to invest and upgrade your cybersecurity solutions as soon as possible. Get a demo of the Halcyon Platform and see how it is built with failure in mind, every step of the way.
