Sophos, a pioneer in innovating and delivering cybersecurity as a service, releases its annual ‘State of Ransomware 2023’ report, which found that in 76% of ransomware attacks against surveyed organisations, adversaries succeeded in encrypting data. This is the highest rate of data encryption from ransomware since Sophos started issuing the report in 2020.
The survey also shows that when organisations paid a ransom to get their data decrypted, they ended up additionally doubling their recovery costs ($750,000 in recovery costs versus $375,000 for organisations that used backups to get data back). Moreover, paying the ransom usually meant longer recovery times, with 45% of those organisations that used backups recovering within a week, compared to 39% of those that paid the ransom.
