A cybersecurity solutions provider announced the results of its third annual ransomware study. The research carried out is intended to provide information about the costs and effects of ransomware on companies.
What it turns out: Ransomware attacks are becoming more frequent, more effective and more sophisticated - but paying ransoms is definitely not worth it for companies:
- 63% of the companies surveyed in Germany were affected by more than one ransomware attack in the last 24 months.
- 31% of German companies that were attacked did not have a backup copy of their files and therefore paid the ransom.
- Almost 80% of the companies surveyed in Germany that paid the ransom were attacked a second time.
- 86% of companies in Germany were attacked again within a year.
- 63% of the companies surveyed in Germany were asked to pay again.
The costs are rising
The report “Ransomware: The true costs for German companies in 2024” also shows that of the companies in Germany that decided to pay a ransom, only 32% received their data and solutions back undamaged. These results once again illustrate why it's not worth paying ransomware attackers. Organizations should instead focus on detection and prevention tactics to stop ransomware attacks before material damage occurs.
The attackers' demands continue to rise: 53% of the companies surveyed in Germany were attacked a second time, with 63% of all attackers demanding more money. 46% of all respondents estimated the total damage at between $1 and $10 million and 16% at over $10 million. For the companies surveyed in Germany, the ransomware attack was also accompanied by costs for resignations from the ranks of the C-level (33%), lost sales due to the temporary closure of the company (32%) and lost profits (31%), as well as damage to their image (29 %) and resulting layoffs (27%).
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About Cybereason Cybereason offers future-proof protection against attacks by means of a uniform security approach, across all endpoints and across the company, wherever the attack scenarios are relocated. The Cybereason Defense Platform combines the industry's best detection and response methods (EDR and XDR), next generation antivirus solutions (NGAV) and proactive threat hunting to provide contextual analysis of every element within a Malop ™ (malicious operation). Cybereason is a privately held international company headquartered in Boston with customers in over 45 countries.
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