Q2’24 marks second highest quarter for ransomware attacks, says Corvus

The frequency of global ransomware attacks is rising sharply, with Q2 2024 marking the second-highest number of reported attacks in a single quarter, according to Corvus Insurance’s Q2 2024 Cyber Threat Report.

Based on data from ransomware leak sites, the report identified 1,248 victims in Q2 alone.

Ransom demands are also increasing, with the average demand reaching $1,571,667—a 102% jump from the previous quarter and the highest since Q2 2022. Additionally, the average ransom payment rose to $626,415.

Corvus emphasised that a company’s backup strategy is crucial in determining whether it pays a ransom. Businesses without strong backups are more than twice as likely to pay, while those with effective backup strategies have seen median claim costs 72% lower than their less-prepared counterparts.

New ransomware groups, including PLAY, Medusa, RansomHub, INC Ransom, BlackSuit, and others, led a wave of attacks in Q2 2024, surpassing the first quarter’s numbers by 16% and Q2 2023 by 8%.

With many organisations holding valuable data, ransomware operators have evolved their tactics, using double-extortion schemes where they encrypt data, exfiltrate it, and then threaten to release it on the dark web if ransoms aren’t paid.

In 2024, 93% of ransomware incidents involved data theft, up from 88% in 2023. Even organisations with secure backups often pay to prevent the exposure of sensitive data.

Jason Rebholz, Chief Information Security Officer at Corvus Insurance, stated, “Data theft has become the technique employed by attackers to secure maximum payouts from their victims, whether or not they have secure backups.”

He added, “A robust security plan is never one layer deep. While a sound backup strategy is important, it cannot mitigate these threats alone. Businesses must utilise a multi-layered security strategy based on a resilient environment with fast detection and prevention capabilities.”

The industries most affected by ransomware attacks remained largely unchanged from the previous quarter, but Construction moved to the top of the list from second place. Additionally, Government and Oil and Gas joined the list, and ransomware attacks targeting the Software Development and IT Services and IT Consulting sectors increased by 257% and 54%, respectively.

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