The 2024 State of Ransomware report by UK cybersecurity firm Sophos reveals the experiences of 5,000 organisations around the world in dealing with ransomware attacks. The report indicates that the average ransom payment has surged by 500% in the past year, reaching $2 million per payment, indicating that cybercriminals are seeking larger payoffs from victims. The report also reveals that nearly two-thirds of ransom demands made in the past year were $1 million or more, with 30% of demands demanding over $5 million. However, despite these alarming statistics, there has been a reduction in the rate of organisations being affected by ransomware in the past year, with the figure standing at 59%, compared to 66% in the previous year. The report also sheds new light on the role of law enforcement in ransomware remediation.
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