In what might be a significant shift in the cybersecurity landscape, recent data indicates a notable decrease in ransomware payments. According to a new report from Coveware, a ransomware negotiation firm, the last quarter of 2024 saw only 29 per cent of organizations choosing to pay hackers to retrieve stolen data and unlock their systems during cyberattacks. This marks a dramatic change from the first quarter of 2019, where 85 per cent of affected organizations were paying ransoms.
According to this report, the average ransom payment in the fourth quarter of 2023 was approximately $568,000, a 33 per cent decrease from the previous quarter. Coveware attributes this decline to a combination of factors. Enterprises have significantly strengthened their cyber defenses and developed more robust data backup systems, enabling them to recover more quickly from attacks. Moreover, there’s an increasing skepticism among companies regarding the promises of hackers to delete stolen data after receiving the ransom.
Ransomware has been a prominent cyber threat for organizations across various sectors over the past five years. Government officials have been actively working to curb the number of ransomware attacks targeting businesses, governments, and other entities. Despite this positive trend, experts caution against underestimating ransomware hackers, known for their adaptability and potential to change tactics.