Unveiling the State of Ransomware 2024 for MSPs

Ransomware groups have been particularly harsh over the past year, according to the latest findings from Sophos' fifth annual State of Ransomware 2024 survey. For Managed Service Providers (MSPs), keeping up with these trends is vital to improving their cybersecurity services and protecting their clients. Only 59 percent of organizations were affected in the last year compared to 66 percent in the previous two years. The survey brings some positive news, showing a slight decrease in the rate of ransomware attacks. The average ransom payment has increased fivefold from $400,000 to $2 million in the last year. The report also revealed that 63 percent of ransomware demands exceeded $1 million, with 30 percent surpassing $5 million. A business can also choose not to pay the ransom. If so, the cost of recovery still jumped to $2.73 million, an increase of nearly $1 million from 2023. Exploited vulnerabilities continue to be the primary starting point of an attack, affecting 32 percent of organizations. 32% More than half of organizations that had their data encrypted chose to pay the ransom to regain access 56% Prevention, protection, detection, and response through MSPs and a quality security vendor is the best approach. As well as additional valuable information about how to strengthen clients defenses against ransomware attacks. The findings in Sophos’ State of Ransomware 2024 survey report offer MSPs more details on these topics.