Paying the ransom during a cyberattack and having the ability to recover the data are often top of mind for many organizations after they’ve been hit by a ransomware attack. Here are the latest statistics on these trends from the 2023 Ransomware Trends Report that Veeam released in May 2023. This report covers topics on paying ransom and insurance practices including:
- What effect has the ransomware epidemic had on cyber insurance coverage?
- Were organizations able to recover their data?
- How many organizations paid a ransom? Was insurance part of that payment?
The research shows that 80% of organizations who fell victim to ransomware paid the ransom, with 77% of those who paid relying on insurance policies to cover the payment. It’s clear that the ransomware epidemic is changing the insurance market: 74% of respondents saw increased premiums in 2022, and 10% of respondents saw their coverage benefits reduced. The tightening cyber insurance market is driving customer behaviors as well, with 18% of respondents whose organization paid a ransom choosing not to use their insurance policy to do so.
Unfortunately, even paying ransom doesn’t ensure data recovery, as confirmed from the 2023 Data Protection Trends Report. See the full ransomware study for more highlights from this year’s research, conducted by a global research firm on organizations of all sizes across 14 countries around the world.
The 2023 Ransomware Trends Report provides insights into:
- Organizational alignment between cyber and backup teams and their executive leadership
- What is in most risk management roadmaps and incident response playbooks?
- How ransoms were paid and what is changing in cyber insurance?
- How many organizations paid, even if they had policies not to – and were they able to recover?
- How pervasive was the attack and how much data were they able to eventually recover?
- Were the criminals able to affect the backup repositories?
- How did organizations ensure they would not re-infect their environments during recovery?
The first look at the Ransomware Trends 2023 data was presented at VeeamON 2023, the Community Event for Data Recovery Experts, in May 2023. Over the next several weeks, we’ll be looking at the topics below, unpacking the research results and discussing how these findings are affecting cyber resiliency strategies for 2023 and beyond.
Be sure to check out our June 13 LinkedIn Live session on continued coverage in this series — and keep an eye out for more in this blog series, with additional blog posts and corresponding livestream sessions, such as:
- How bad are the attacks (frequency, pervasiveness and recoverability)?
- How often were villains able to impact the backup repositories to force payment?
- What are organizations recovery strategies moving forward and where do they intend to recover from the next cyberattack or other disaster?
- How do you ensure not re-infecting the environment during recovery?
We hope to connect with you and remember to download the full report at 2023 Ransomware Trends Report.
If you have questions about this, or any of Veeam’s many other research projects, feel free to contact us at StrategicResearch@veeam.com.
About the 2023 Ransomware Report: the 2023 Ransomware Trends Report is the latest and largest research report based on unbiased cyber victims in the history of backup and availability, as surveyed by an independent research firm with 1,200 responses from 14 countries that summarizes nearly 3,000 cyberattacks. Download the full 2023 Ransomware Trends Report to get access to all the lessons learned from other CISOs, SecPros, IT Ops and Backup Admins. Want to learn more about cyber resiliency solutions at Veeam? Visit the Veeam Ransomware Solutions page.