Majority of Organizations Face Repeat Ransomware Attacks, Study Reveals

Cybereason’s 2024 report unveils a concerning pattern: a significant portion of companies succumbing to ransom demands face subsequent attacks, with nearly two-thirds being charged more upon the second breach. The study, encompassing insights from over 1,000 cybersecurity experts, highlights that 56% of organizations encountered multiple ransomware assaults within two years. Moreover, the willingness to pay ransoms doesn’t assure data integrity, as less than half recover their data uncorrupted. The economic impact is substantial, with nearly half of the affected businesses estimating losses between $1 to $10 million, and the average ransom demand in the US soaring to $1.4 million.

Despite the prevalent threat, a notable gap in preparedness and cyber insurance coverage exists, suggesting an urgent need for enhanced defense strategies and comprehensive insurance policies. Additionally, the evolution of ransomware tactics, including prolonged "low-and-slow" attacks and the exploitation of AI for sophisticated social engineering, emphasizes the escalating sophistication of cybercriminals.