Ransomware victims paying threat actors fall to 28%, improved security infrastructure a key factor

This is the lowest ever percentage

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Published onApril 23, 2024

published onApril 23, 2024

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In the past few years, ransomware attacks have increased exponentially, with companies usually paying up right away to prevent misuse of data. However, inQ1 2024, the number of ransomware victims paying up has dropped to28%. In the last quarter, i.e.,Q4 2023, the figure was29%.

The report published byCoverware, which sheds light on the figures, attributes this fall to enhanced security systems set up by companies that help them avert threats like encryption attacks, recover the data, and quickly restore their operation, thus negating the need for a decryption key.

Besides that, there’s an emerging trend of threat actors publishing the data or auctioning it on the web even after organizations pay the ransom. As a result, organizations are starting to refuse to pay up, realizing that it would have little to no effect.

The average ransomware attack payment, too, took a hit and fell32%to a low of$381,980. This is also a result of threat attackers demanding a lower sum initially to keep affected parties engaged rather than the latter walking away from the negotiation altogether, saysCoverware.

As for the most common ransomware variants in 2024,Akiratops the list with a21%market share, whileBlack BastaandLockbit 3.0take up the second and third spot with9%each.

The report looks promising, but companies need to bolster efforts

Until a few years ago, cyber and ransomware attacks were limited and usually targeted specific industries.

But withAI-powered cyberattacks gaining prominence, detecting and averting threats will become more challenging than ever. Threat actors will be able to identify and exploit any existing vulnerabilities quickly!

This will increase the number of attacks and affect industries likeHealthcarethat were not previously targeted. A recent report by Microsoft states that87% of the companies in the UK are unprotected against AI cyberattacks.

So, companies must ramp up their security infrastructure and hire trained analysts to protect the data.Microsoft is using AI to tackle AI-powered cyberattacks, an approach replicated by many in the security landscape.

What do you think is the best way to prevent ransomware attacks? Share with our readers in the comments section.

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Ransomware victims paying threat actors fall to 28%, improved security infrastructure a key factor

The report looks promising, but companies need to bolster efforts