Ransomware attacks increased 16% during the second quarter of 2024 based on a key metric, according to a report Thursday from Corvus Insurance, a wholly owned subsidiary of Travelers Cos. Inc.
There were an “alarming” 1,248 ransomware victims posted to leak sites during the second quarter, a 16% increase from the previous quarter, and the second-most active quarter on record by that measure of activity, according to Corvus.
There has also been a sharp increase in the cost of ransomware incidents, as the average initial ransomware demand roughly doubled to $1,572,667 from $777,500 and the average ransom payment amount more than doubled to $626,415 from $299,409.
The type of attack has also shifted, with a decline in “social engineering” incidents but a sharp increase in vendor and third-party breaches.
Law enforcement actions have been effective in eliminating known “hacker groups,” and disrupting activity, but new and other groups quickly fill the void left by any major takedown, the report said.
