Sophos, a security solutions provider, recently released its annual “State of Ransomware 2024” survey report showing that the average ransom payment increased 500 percent last year.
“However, ransoms are just one part of the cost. Excluding ransoms, the survey found the average cost of recovery reached $2.73 million, an increase of almost $1 million since the $1.82 million that Sophos reported in 2023,” the company said. It said that while the propensity to be hit by ransomware increases with revenue, even the smallest organizations are still regularly targeted, with just under half hit by ransomware in the past year.The 2024 report also found that 63 percent of ransom demands were for $1 million or more, with 30 percent of demands for over $5 million, suggesting ransomware operators were seeking huge payoffs.