Ransomware attacks increased by 16% in Q2

Ransomware attacks rose 16 percent during the second quarter of 2024, based on a key metric, according to a report Thursday by Corvus Insurance, a wholly owned subsidiary of Travelers Cos. Inc.

There were 1,248 “alarming” ransomware victims posted on leak sites during the second quarter, a 16% increase from the previous quarter and the second most active quarter on record by this measure of activity , according to Corvus.

There was also a sharp increase in the cost of ransomware incidents, as the average initial ransomware demand roughly doubled to $1,572,667 from $777,500, and the average ransom payment doubled to $626,415 from $299,409 .

The type of attack has also changed with a decrease in “social engineering” incidents, but a sharp increase in vendor and third-party breaches.

Law enforcement actions have been effective in rooting out known “hacker groups” and disrupting activity, but new groups and others are quickly filling the void left by any major takedown, the report said.