Ransomware Threat Grows: Half of Victims Shut Down, 40% Lose Revenue
Ransomware attacks continue to pose significant threats to businesses worldwide, with the latest figures revealing a growing impact on operations and reputations. In 2024, more than half of affected organisations had to shut down, and 35% experienced brand damage, a significant increase from 2021.
The cost and duration of containing and remediating ransomware attacks have decreased since 2021, taking an average of 132 hours and costing $146,685 in 2024. However, the financial implications remain severe, with 40% of victims reporting significant revenue loss, nearly double the 2021 figure.
Phishing remained the most common delivery method, used in 45% of attacks. Cybercriminals are increasingly exploiting unpatched vulnerabilities for lateral movement and privilege escalation, with 52% of attacks targeting these weaknesses. Despite this, only 28% of victims informed law enforcement about the incident.
The effectiveness of paying the ransom remains uncertain. While 51% of victims paid the demand, only 13% recovered all impacted data. Alarmingly, 40% still had data leaked, suggesting that paying the ransom does not guarantee data recovery or prevent further data breaches.
As ransomware attacks continue to evolve, businesses must prioritise robust cybersecurity measures, including regular software updates, employee training to combat phishing attempts, and incident response plans. Despite the challenges, only a minority of victims informed law enforcement, highlighting the need for improved reporting and collaboration to combat this growing threat.
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