Ransomware Continues To Pile on Costs For Critical Infrastructure Victims

Costs associated with ransomware attacks on critical national infrastructure (CNI) organizations skyrocketed in the past year. From a report: According to Sophos' latest figures, released today, the median ransom payments rose to $2.54 million -- a whopping 41 times last year's sum of $62,500. The mean payment for 2024 is even higher at $3.225 million, although this represents a less dramatic 6x increase. IT, tech, and telecoms were the least likely to pay mega bucks to cybercriminals with an average payment of $330,000, while lower education and federal government orgs reported the highest average payments at $6.6 million. The numbers are based only on ransomware victims that were willing to disclose the details of their blunders, so do not present the complete picture. On the topic of ransom payments, only 86 CNI organizations of the total 275 involved in the survey offered data. There's a good chance that the numbers would be skewed if 100 percent of the total CNI ransomware victims polled were entirely transparent with their figures. Costs to recover from ransomware attacks are also significantly up compared to the researchers' report last year, with some CNI sectors' costs quadrupling to a median average of $3 million per incident. While the mean cost across oil, gas, energy, and utilities dropped slightly to $3.12 million from $3.17 million last year, the energy and water sectors saw the sharpest increase in recovery costs. The new average for just these two sectors is now four times greater than the global median cross-sector average of $750k, Sophos said.

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