Signal Fewer firms paying ransoms but average ransom more than doubled

Summary

According to the report, the share of organisations paying ransomware demands fell from 45% to 34% in the second quarter of 2023. However, the average ransom paid more than doubled, reaching 740,000 US dollars. The report cites this as one example of cyber threats growing alongside the spread of interconnected digital systems. Because modern infrastructure from power grids to traffic systems relies heavily on digital platforms, disruptions could escalate into catastrophic failures that threaten safety and the economy. The cyber security chapter adds that ransomware can be far more costly even when no ransom is paid, because of indirect costs, and that victims who pay are less likely to report.