Ransomware Growth Reaches Crisis Levels: Over 7,800 Attacks Now Occurring Daily

Ransomware attacks have rapidly proliferated into one of the most severe cybercrime threats facing organizations across every industry. These attacks encrypt critical files and systems, extorting businesses into paying massive sums to regain access. Damages are accelerating exponentially while attacks smash records in frequency and disruption.

Recent tracking indicates:

• There is now a ransomware attack launched every 11 seconds
• Equating to over 7,800 attacks daily worldwide as of 2024
• Between 2018 to 2022, the number of ransomware attacks exploded by 1,125%

This crisis-level growth shows no signs of abating. This guide will analyze the key ransomware statistics, trends, cybercriminal groups, attack tactics, and most importantly, best practices in threat protection for security leaders.

Cybercrime & Ransomware Damages Skyrocket

Ransomware attacks do not occur in isolation – they are part of a broader explosion in cybercrime directly targeting businesses, critical infrastructure, and ordinary citizens.

Losses to cybercrime now exceed over $6 trillion per year across the globe. Cyber attacks sap an estimated 0.8% from total global GDP output.

In the United States, cybercrime tripsled in 2021 to emerge as the largest category of property crime, exceeding even burglary and motor vehicle theft combined:

Cybersecurity Ventures predicts that by 2025 global cybercrime costs will reach $10.5 trillion annually as attacks across ransomware, malware, phishing, and hacking accelerate.

And among the surging cyber threats, ransomware stands out for its ruthlessness and ability to rapidly adapt.

Ransomware Recap – How It Works

Before analyzing recent incidents and trends, let‘s review what defines ransomware:

Ransomware is a specialized form of malicious software designed to prevent a user or organization access to critical data, systems, or files. By encrypting files and locking systems, attackers disrupt operations until their financial demands are met.

The standard attack playbook:

1. Breach entry: Attackers gain access via phishing, exploits, or stolen RDP credentials
2. Internal recon: The network is navigated searching for high value data to exfiltrate
3. Encrypt: Maximum damage inflicted by locking irreplaceable or mission-critical data
4. Extort: Demand ransom payment, increasingly in harder-to-trace cryptocurrencies like Monero
5. Repeat: Even post-payment attacks resume to reinfect and extract more ransoms

In many cases over 70% of companies pay the ransom in a desperate bid to resume business operations and recover data, despite law enforcement warnings that payment incentivizes attackers.

2021-2022 Hall of Shame: Biggest Ransomware Attacks

While ransomware has lurked as a threat for over a decade, recent attacks have soared in scale and disruption:

• In 2021 total global damages exceeded $20 billion
• The number of ransomware gangs active globally doubled between 2020 to 2022
• Average ransom payment by victim companies climbed 82% to $812,000
• Ransom demands themselves nearly doubled in 2021 over 2020 averages

Major incidents dominate headlines across critical infrastructure like fuel, food production, healthcare, and core government functions:

Ransomware is now big business, with gangs running sophisticated operations that leverage Ransomware-as-a-Service tools and markets to maximize profits.

But understanding the motivations and attack patterns of prominent ransomware groups can help thwart campaigns.

Comparing Tactics of Infamous Ransomware Gangs

While early ransomware often used basic code and techniques, modern ransomware operations resemble full-fledged corporations:

Most damaging current ransomware groups by frequency of attacks and damages (Original research)

Analyzing the technical capabilities and strategies of top ransomware families reveals shifting attack trends:

These prominent players demonstrate ransomware groups consolidating power while innovating new forms of extortion like:

• Triple extortion: After encrypting data, additionally threaten to leak data publicly both pre and post ransom payment
• Ransomware-as-a-Service (RaaS): Major groups develop ransomware code, infrastructure, and services then license to affiliates who execute attacks and pay a share of profits
• Supply chain attacks: Infiltrate managed service providers, software vendors, and IT management tools to cascade ransomware down to thousands of customer organizations

For victims the mix of business disruption, compliance penalties, customer distrust, and recovery costs can be catastrophic even if part of the ransom is paid.

Law Enforcement Overwhelmed Trying to Combat Ransomware Explosion

While cyber defensive measures are essential, ultimately ransomware attacks require an aggressive response by law enforcement agencies to deter and punish cybercriminal networks.

Yet national agencies have struggled to contain the overwhelmong spike in high impact ransomware breaches:

• In the United States the 2021 Colonial Pipeline attack prompted Department of Justice to elevate investigations into a similar priority category as terrorism
• Despite this prioritization, the FBI caseload has swelled to over 2,000 ransomware incidents per day
• Short-staffed security agencies simply lack the bandwidth to thoroughly investigate the majority of attacks
• When arrests occur they frequently capture lower level affiliates, failing to dismantle the ransomware developers and infrastructure

Globally only about 0.05% of yearly ransomware profits are recovered through law enforcement seizures. Without dismantling the hugely profitable ransomware economy driving innovation and participation among hackers, new cybercriminal groups will continue entering the space.

For these reasons in the short term bolstering organization-level security controls offers the best protection against crippling ransomware attacks.

Implement Ransomware Best Practices Before Disaster Strikes

With attacks now exceeding over 7,800 daily and damages stretching into the billions, ransomware presents an existential threat to organizations across every sector.

While no single product or policy can fully prevent breaches, taking a layered defense approach is crucial:

Key technical and human layers for reducing ransomware risk (Original research)

Ransomware assaults arrive via multiple vectors, meaning protection must be multifaceted spanning technology and employees. By preemptively preparing, organizations reduce their risk of being unable to maintain operations if critical systems are locked during an attack.

Outlook: No Signs of Slowing Ransomware Onslaught

Ransomware remains an ascending threat, with cybercriminal groups growing increasingly sophisticated while also profilic through Ransomware-as-a-Service programs and affiliate models. Breaches are increasingly debilitating, cascading beyond initial targets to paralyze supply chains and critical infrastructure like healthcare delivery and fuel transportation relied upon by millions.

Yet investing in layered defenses across email, endpoints, access controls, backups, employee training and more can thwart the majority of attack pathways. Bolstering security postures now helps avoid catastrophic disruption when the next record-setting ransomware campaign emerges.

With damages stretching into the tens of billions and over 7,800 business-crippling attacks occurring daily, no organization can ignore the realities of rampant ransomware threats – and no business can consider itself safe from targeting.