Report by Coalition, a cyber insurance provider, reveals that the average ransomware demand has now reached $1.3 million but some of the ransomware attacks are even asking for $4.3 million too. In the first six months of 2024, cyber attacks increased 68% and the loss in these months amounted to $353,000. In 2023, the average loss in the first six months was $401,766 which is 12% lower than the loss in the first six months of 2024.
The report also talks about Coalition succeeded in negotiating the amount down by 57% of some ransomware attacks that demanded payments. 280 businesses have been affected by ransomware attacks in the first half of 2024 but now the frequency of these attacks have decreased by 10%. The US is experiencing stable ransomware attacks but Canada is seeing a 34% increase in them.
BlackSuit and Play, which are two ransomware variants, asked for the highest amounts for ransomware attacks. The payments they asked for were $2.5 million and $4.3 million respectively. The report estimates that ransomware attacks increase in winter holidays because businesses are slower at that time. Overall, 2024 was prominent in terms of cyber events like the bug in CrowdStrike that caused a global IT outage. 1.55% of businesses have been affected by cyber incidents. Ransomware attacks can be avoided with multi-factor authentication for all VPN users, using the latest firmware and keeping your login panels protected.
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The report also talks about Coalition succeeded in negotiating the amount down by 57% of some ransomware attacks that demanded payments. 280 businesses have been affected by ransomware attacks in the first half of 2024 but now the frequency of these attacks have decreased by 10%. The US is experiencing stable ransomware attacks but Canada is seeing a 34% increase in them.
BlackSuit and Play, which are two ransomware variants, asked for the highest amounts for ransomware attacks. The payments they asked for were $2.5 million and $4.3 million respectively. The report estimates that ransomware attacks increase in winter holidays because businesses are slower at that time. Overall, 2024 was prominent in terms of cyber events like the bug in CrowdStrike that caused a global IT outage. 1.55% of businesses have been affected by cyber incidents. Ransomware attacks can be avoided with multi-factor authentication for all VPN users, using the latest firmware and keeping your login panels protected.
Read next: AI Has Potential to Boost Industry Margins Significantly Over Five Years, Yet Adoption Remains Slow
