Comparitech Report Reveals Average Ransom Demands of Over $5.2 Million in Early 2024

 

In the first half of 2024, the average ransom demand per ransomware attack reached over $5.2 million (£4.1 million), according to a new analysis by Comparitech. This figure is derived from 56 known ransom demands issued by cybercriminals from January to June 2024. 

The largest of these demands was a staggering $100 million (£78.9 million) following an attack on India’s Regional Cancer Center (RCC) in April 2024. The second-highest confirmed demand was issued to UK pathology provider Synnovis, with attackers demanding $50 million (£39.4 million). This incident led to the cancellation of thousands of operations and appointments at hospitals in South East England, with the Qilin group claiming to have stolen 400GB of sensitive NHS patient data. The third-highest ransom demand in the first half of 2024 targeted Canadian retailer London Drugs in May 2024, with the LockBit group demanding $25 million (£19.7 million). 

Overall, Comparitech’s researchers logged 421 confirmed ransomware attacks during this period, impacting around 35.3 million records. These figures mark a reduction compared to the same period in 2023, which saw 704 attacks affecting 155.7 million records. However, disclosures for the first half of 2024 are ongoing, so these figures may increase. Comparitech also noted an additional 1,920 attacks claimed by ransomware gangs but not acknowledged by the victims. Private businesses experienced the highest number of incidents, with 240 attacks affecting 29.7 million records. 

The government sector followed with 74 attacks impacting 52,390 records, and the healthcare sector reported 63 attacks affecting 5.4 million records. LockBit remains the most prolific ransomware group, responsible for 48 confirmed attacks in the first half of 2024, despite a significant law enforcement operation that temporarily disrupted its activities in February. Following a brief period of dormancy, LockBit resurfaced as the most prominent ransomware group in May 2024, according to an analysis by NCC Group. Other notable ransomware groups during this period include Medusa with 31 attacks, BlackBasta with 27, Akira with 20, 8Base with 17, and INC Ransom with 16. 

The researchers observed an increasing trend among ransomware groups to forego file encryption and instead rely solely on data theft for extortion. This shift in tactics highlights the evolving landscape of ransomware attacks and underscores the need for robust cybersecurity measures.