2024 InsurSec Report on Ransomware Trends

The 2024 InsurSec Report: Ransomware Edition is a comprehensive analysis of ransomware trends based on At-Bay claims and cybercrime data from 2023. The report documents a significant increase in ransomware incidents, with overall frequency rising by 64% compared to 2022. This surge is largely attributed to a staggering 415% increase in indirect ransomware claims, where organizations are affected by attacks on their vendors or partners. The report outlines the evolving tactics of cybercriminals, highlighting a shift from Remote Desktop Protocol (RDP) attacks to vulnerabilities in self-managed Virtual Private Networks (VPNs), which accounted for 63% of remote access incidents. It also details the financial impact of ransomware, revealing that the average direct ransomware severity was $370,000, while the average ransom payment was $282,000. The findings emphasize the need for greater accountability among software companies and improved transparency regarding ransomware risks to safeguard businesses across various sectors.