Ransomware payments nearly doubled in just one year.

British cybersecurity company reports UK ransom payments exceed the global average.

Based on a survey conducted by Sophos, a British cybersecurity company, it was found that ransomware payments have almost doubled over the past year, reaching $1.5 million (£1.2 million). The study revealed that organizations with higher earnings were more likely to pay the attackers. The average ransomware payment increased from $812,000 in the previous year, and UK organizations exceeded the global average, making payments of $2.1 million in 2023.

In the global survey, more than 25% of companies that made payments provided amounts ranging from $1 million to $5 million, and the organizations with the highest earnings were the most willing to pay. Companies with annual revenues exceeding $5 billion had an average payout just below $2.5 million.

Sophos pointed out that it’s not surprising that the largest revenue organizations are more susceptible to paying higher ransoms. This trend reflects the fact that attackers adjust the ransom amount based on the victim’s financial capability.

Ransomware attacks occur when malicious actors gain unauthorized access to a computer system and deploy malware that encrypts the content, making it inaccessible.

The Sophos report was based on a survey conducted among 3,000 senior IT and cybersecurity professionals from various organizations, including schools, retailers, and healthcare providers, across 14 countries such as the US, the UK, and Australia. However, compared to the previous year’s survey involving 5,600 professionals from 31 countries, the 2023 survey had a smaller sample size, specifically interviewing 200 UK organizations.

The 2023 report indicated that the rate of ransomware attacks remained the same as in 2022, with two-thirds of respondents stating that they had experienced an attack. Among the surveyed countries, Singapore had the highest attack rate at 84%, while the UK had the lowest at 44%. Notably, South Africa witnessed a significant increase in the survey, rising from 51% of firms in the 2022 survey to 78%.