Cyber Update – Median Ransom Payment Drops 51% in Second Quarter

Ransomware attacks have been a growing concern for businesses in recent years, with cybercriminals increasingly targeting organizations of all sizes and across all industries. However, a recent report from Coveware suggests that the tide may be turning, with fewer ransomware victims choosing to pay to retrieve access to their systems.

According to the report, the median ransom payment made by victims in the second quarter of 2022 dropped by 51%, from $220,000 in the first quarter of the year to $108,000. This decrease in median ransom payments is notable, as it suggests that fewer organizations are succumbing to ransomware attacks and instead opting to restore their systems through other means.

The report also found that the percentage of ransomware victims who paid the ransom to retrieve their data decreased from 61% in the first quarter of 2022 to 42% in the second quarter. This suggests that more organizations are relying on backups and other data recovery strategies to restore their systems, rather than paying the ransom demanded by cybercriminals.

There are several potential reasons for this trend, including increased awareness of ransomware risks and improved cybersecurity measures by organizations. Additionally, law enforcement agencies have been stepping up efforts to crack down on ransomware gangs and disrupt their operations, which may be making it more difficult for cybercriminals to successfully carry out attacks.

While the decrease in ransom payments is a positive development, it’s important to note that ransomware attacks remain a significant threat to businesses of all sizes. Organizations should continue to prioritize cybersecurity measures and data backup strategies to protect against ransomware attacks and other types of cyber threats.

Overall, the Coveware report suggests that progress is being made in the fight against ransomware, but organizations must remain vigilant and proactive in order to keep their systems and data safe from cyber threats.