Ransomware payments increase 500% in past year, attack rate falls slightly

The average payment for ransomware attacks has increased by 500% in the past year to $2-million, up from $400 000 in 2023, cybersecurity firm Sophos reports in its 'State of Ransomware 2024' report. Additionally, excluding ransom payments, the survey found the average cost of recovery reached $2.73-million, which is an increase of almost $1-million from the $1.82-million that Sophos reported in 2023.