The average ransom demanded by attackers from their victims has increased by 20 percent, with email breaches remaining the dominant form of attack.

On average, how much do attackers charge victims in a ransomware attack? $600,000, according to a report from security firm Arctic Wolf Labs. The amount demanded also depends largely on the industry in which the victim works: companies in the legal, public sector, retail and energy sectors are asked to pay an average of one million dollars. Arctic Wolf saw a 20 percent increase in average ransom demands across all sectors.

The security company expects a volatile year in 2024. Elections are coming up in many countries this year, which also offer many opportunities for malicious parties. The wider availability of AI tools could also accelerate the spread of ransomware. On the other hand, companies are reacting increasingly cautiously to the attackers’ demands and are forced to develop new means of pressure.

The fear of ransomware

While ransomware makes a lot of money, email attacks remain the most popular way for attackers to break in. Arctic Wolf estimates that there are at least ten times as many email attacks as ransomware. But ransomware is increasingly raising alarm bells in organizations: a ransomware attack is fifteen times more likely to result in an incident investigation than a compromised email account.

“Ransomware is feared by businesses large and small. And for good reason: the damage and disruption they cause is responsible for immense losses that go beyond the ransom itself,” Arctic Wolf wrote in the report.

Patching remains a pain point

Finally, the report also shows that patching remains a major problem. 60 percent of cyberattacks investigated by the security firm were caused by vulnerabilities known since 2022 or earlier. Hackers only manage to penetrate via a zero day in twelve percent of cases.

“The damage from ransomware goes far beyond the ransom itself.”

Arctic Wolf Labs