Ransomware averaging $10.1M loss per incident.

Based on the information from the Fortinet article on ransomware statistics and trends for 2023:

Ransomware Losses and Impact in the US for 2023:

  • Ransomware attacks have seen a significant rise, with a 13% increase year-over-year from 2021, surpassing the growth of the previous five years combined.
  • About 70% of businesses were projected to face at least one ransomware attack in 2022.
  • The education, government, and healthcare sectors were the most targeted. Specifically, education accounted for 30% of the data breaches in 2022, resulting in 1,241 incidents, with a recovery cost averaging between $1.42 million to $1.58 million.
  • The healthcare industry saw a breach cost increase of 42% compared to 2020, averaging $10.1 million per incident. One notable instance was Universal Healthcare Services, which incurred $67 million in expenses due to ransomware.
  • Small businesses reported 832 ransomware-related data breaches in 2022, with 130 confirming data loss. Nearly 80% of these attacks were due to ransomware.
  • The government sector observed a trend of over $5.2 billion in ransom payments made in Bitcoin, primarily because of its anonymity.
  • The financial sector, including banks, spent an average of $5.12 million to counter data breaches. Notably, American banks completed transactions amounting to $1.2 billion for ransomware settlements.
  • A concerning statistic reveals that 80% of businesses that paid a ransom faced another ransomware attack, with over two-thirds (68%) experiencing a subsequent attack within a month.

For a comprehensive understanding and more detailed statistics, refer to the original source on Fortinet and some other relevant resources below.

Paul Bergman runs a business strategy and cybersecurity consulting company in San Diego. He writes on cybersecurity and board management for both corporate and nonprofit boards.

Paul Bergman
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