Ransomware is a business problem with the potential to wreak devastating consequences on an organization. Our latest research and conversations with customers and cybersecurity professionals confirm that ransomware remains a constant source of anxiety. Results from our “2024 Global Cyber Confidence Index” found that 58% of organizations experienced 6 or more incidents in 2023, up 32% year over year. The number of companies with zero incidents dropped from 9% in the 2023 survey results to 5% in 2024.
The potential economic impact is alarming, as ransom payments grow larger and more frequent, averaging $2.5 million in 2023. But paying the ransom only gets you the decryption key. There are other significant costs required for full remediation, which is why the analyst firm Gartner warns that the total cost of recovery from an attack can be 10 to 15 times more than the ransom.
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