The latest Coveware ransomware report for Q1 2024 reveals that the average ransom payment has decreased by 32% from Q4 2023 to $381,980 (£307,322). Additionally, the report highlights that the proportion of victims choosing to pay in Q1 declined to a new record low of 28%. The report suggests that this trend could be due to the fact that fewer companies are yielding to paying ransoms, leading to a compounding effect on the average payment amount. Many ransomware affiliates are now opting for more reasonable amounts instead of demanding high initial demands. This tactic is aimed at keeping more victims engaged and at the negotiating table with a reasonable demand.
Meanwhile, SC Media highlights a report by cybersecurity insurance firm Coalition Inc. that reveals a significant increase in cyber insurance claims in 2023, mostly due to ransomware claims. The report stated that there was a 13% year-over-year increase in claims, while overall claims severity increased by 10% year-over-year.
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