The average duration business operations were affected by ransomware in technology was 57 days.

The average duration business operations were affected by ransomware in retail was 32 days.

Average initial ransom demand (based on all cases with ransom demand) in 2019: $7.77 million.

In 2022, victims paid on average 42.0% of the initial ransom demand.

2023: 24.0% of large losses came from other causes, 13.3% from data breaches, and 62.8% from ransomware. Ransomware reached a record high, driving almost two-thirds of the largest cyber insurance payouts.

In 24.6% of large ransomware claims, attackers used phishing to infiltrate systems.

37.2% of large losses came from other causes, 16.0% from data breaches, and 46.6% from ransomware. While other causes ticked up, ransomware continued to generate nearly half of the most expensive claims.

Average initial ransom demand (based on all cases with ransom demand) in 2023: $32.25 million.

In 2020, victims paid on average 37.4% of the initial ransom demand.

Average initial ransom demand (based on all cases with ransom demand) in 2021: $17.39 million.

2019: 28.1% of large losses came from other causes, 29.2% from data breaches, and 45.1% from ransomware. Ransomware surged and became the leading cause of major cyber claims for the first time.

In 2023, victims paid on average 39.1% of the initial ransom demand.

Average initial ransom demand (based on all cases with ransom demand) in 2022: $21.46 million.

2018: 46.2% of large losses came from other causes, 37.9% from data breaches, and 15.9% from ransomware. Ransomware started to emerge as a meaningful driver of big cyber claims.

In 2021, victims paid on average 33.9% of the initial ransom demand.

Between 2019 and 2023, technology experienced large losses primarily from other causes (38.0%), followed by ransomware (32.0%) and data breaches (30.0%).

In 2023, organizations took an average of 32 days to restore operations after a ransomware attack.

Between 2019 and 2023, financial services experienced large losses primarily from data breaches (40.9%) and ransomware (40.9%), followed by other causes (18.2%).

The average duration business operations were affected by ransomware in manufacturing was 62 days.

In 2019, victims paid on average 56.9% of the initial ransom demand.