2023 Ransomware Impact: Alarming Statistics and the Cost of Recovery

Ransomware Impact: Alarming Data

Ransomware attacks continue to escalate, reaching over 4,000 incidents in 2023, representing a staggering 50% increase from the previous year. Shockingly, 46% of victims paid the ransom, costing them an average of over $4 million. Despite 78% of organizations believing they were prepared, 50% still fell victim to ransomware. Education, construction and property, government, and leisure sectors were hit the hardest.

Recovering from Ransomware

While most organizations that paid the ransom were able to recover their data, some still faced challenges despite making the payment. It is crucial to prioritize and implement backup strategies for better data recovery. Organizations using backups experience quicker recovery times, with 77% restoring data within a month and 45% within a week. In contrast, those who paid the ransom took longer to recover, with about one third needing more than a month and 10% requiring 3-6 months for complete restoration.

Ransomware Cost

Using backups also reduces costs. Research indicates that countries with higher backup usage have lower ransom payment rates. Implementing robust backup systems can significantly reduce the financial impact of ransomware, potentially saving an average of nearly $3 million. In 2023, a higher percentage of organizations paid larger ransoms, with 40% making payments of $1 million or more, compared to 11% in the previous year. Conversely, only 34% paid less than $100,000, down from 54%. The mentioned costs include both the ransom payment and the losses incurred from business interruption.

*Source: https://assets.sophos.com/X24WTUEQ/at/c949g7693gsnjh9rb9gr8/sophos-state-of-ransomware-2023-wp.pdf

Undoubtedly, backups are the most cost-effective and efficient approach to preventing ransomware. Now, the question arises: How can we effectively leverage backups to maximize protection against ransomware attacks? Join our webinar on January 31 to learn how does Vinchin Backup & Recovery help you to prevent ransomware attack with the least cost. 

In this webinar, you will learn about:

●  What's ransomware and why ransomware variant uncontrollable?

●  Ransomware Trends in 2023

●  How does Vinchin Backup & Recovery help you to prevent ransomware attack

●  Real ransomware attack demonstration

        Register Now

• TIME 1|10:00 AM UTC+8(Asia)/ 1:00 PM UTC+11(Australia)

• TIME 2|10:00 AM UTC-3(LATAM)/2:00 PM CET(Europe) 

Experience the powerful capabilities of Vinchin Backup & Recovery in defending against ransomware with our free trial.