Data recovery rates after ransomware attacks drop to a new low

The number of ransomware victims who paid a ransom in 2024 (16.3%) more than doubled compared to the previous year (6.9%), according to new research from Hornetsecurity. Data loss has also increased dramatically, from 17.2% in 2023 to 30.2% in 2024. Alarmingly, 5% of organizations reported a complete loss of all affected data.

These worrying trends come as data recovery rates have hit a new low. The increasing sophistication of cyberattacks has meant that the backup data recovery rate for businesses hit by ransomware has dropped from 87.4% in 2021 to just 66.3% this year. Changes identified from 2021 through to 2024 in this area are shown below:

Change in data recovery rates after ransomware attacks over time. — #image_title

The survey also revealed that email and phishing attacks remain the most common vector of attack for ransomware, responsible for 52.3% of attacks. Despite a slight reduction in attack volume from 21.1% in 2021 to 18.6% in 2024, the severity of these criminal behaviours has increased.

The evolving landscape of ransomware threats highlights the need for constant vigilance. The data shows that while fewer attacks are being reported, the outcomes are far more damaging, with potentially devastating consequences for organizations that fall victim to them.
Daniel Hofmann, CEO, Hornetsecurity

Generative AI: a double-edged sword

The rise of generative AI technology has heightened fears of ransomware, with two-thirds (66.9%) of respondents indicating that AI has increased their apprehension about potential attacks.

This comes as general concerns about ransomware remain high, with nearly 85% of companies expressing moderate to extreme worry. While 89.4% of businesses acknowledge their senior leadership’s awareness of ransomware risks, only 56.3% report that leadership is actively engaged in prevention strategies. Additionally, 39.2% are content to leave the issue primarily to IT departments.

The survey showed that 84.1% of respondents view ransomware protection as a top IT priority, and 87% have established disaster recovery plans – and while this represents the majority, there are some concerns around the organizations that do not prioritize ransomware given its potentially ruinous consequences on a business’s operations. When it comes to the ‘why’, one reason might be that some people (13.1%) mistakenly believe reliance on platforms like Microsoft 365 or Google Workspace negates the need for a formal plan.