RaaS vs SaaS
Ransomware is one of the biggest threats to any organization, regardless of size or industry. The downstream impacts from a large-scale ransomware event can have a massive fiscal fallout and real-world repercussions.
Traditional security solutions, while robust and effective for some threats, have clearly failed to protect organizations against ransomware attacks. There is a huge gap in protection and ransomware operators are expertly exploiting it to the tune of hundreds of millions of dollars yearly.
The average cost of remediating a ransomware attack for victim organizations exceeded $4.45 million in 2023, and this figure does not include the ransom payment, damage to brand, lost revenue from disruption to operations, increased cyber insurance premiums or other tangential cost.
The average cost of remediating a ransomware attack in 2023
That does not include additional costs like:
Ransom Payments Double Extortion
Increasing Insurance Premiums
Brand, Stock and Reputation Damage
Lost Revenue Due to Downtime
Ransomware Operators are operating akin to a SaaS Organization.
The RaaS Ecosystem
The ransomware ecosystem has exploded in recent years with many stunning similarities to non-criminal emerging market sectors. This evolution includes the advent of specialists who focus on particular aspects of the ransomware economy who together represent the entire ransomware attack supply chain. Key players in the ransomware economy include:
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Raa$: A Buyers Market
Ransomware Attacks are up
93% (YoY)
Largest Ransomware Loss:
$100M (MGM)
Ransomware kits run less than
$50.00
Active ransomware families or variants
130+
2023 average reported ransomware payment:
$4,620,000
Additional Remediation Costs:
$1.85M
What Orgs are Most Targeted?
$100M+ Revenue
Ransomware Volume of Attacks
Top 5 Targets By Volume
Most Disruptive Ransomware Attacks in 2023
Thousands of ransomware attacks occur every week - here are five top examples of some of the most disruptive attacks from 2023:
Target
Impact
1
MGM
SEC 8-K filing revealed the company lost $100 million in massive ALPHV attack
2
Lehigh Valley Health Network (LVHN)
ALPHV leaks stolen nude photos of cancer patients as extortion
3
U.S. Marshals Service
PII of USMS investigation subjects and employees exfiltrated
4
City of Dallas
PII of USMS investigation subjects and employees exfiltrated
5
Prospect Medical
Suspended services, cancelled procedures, ambulances diverted
Top Reported Ransom Demands in 2022
Growth in Ransomware Follows Growth in Security Markets
Total Victims Per Group in 2023 (Top 10)
Ransomware in the News
Royal Mail:
LockBit set a ransom demand of $80 million
Minneapolis PUblic Schools:
Children’s confidential information among the 300,000 files dumped
Lehigh valley health network:
Leaked naked images of breast cancer patients along with medical questionnaires
US Marshals Service:
Took 30 days to restore “most critical tools”
RoyalCapita: Mail:
Recovery from the incident is expected to cost up to $25 million
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