cyber
TRENDS
Darren Hopkins , Cyber Partner , McGrathNicol Advisory
31 % recorded in 2021 when McGrathNicol started tracking these results . The findings suggest that cybercriminals hit a ransomware peak in 2022 and diversified to other forms of cyber extortion in 2023 .
The proportion of business leaders who reported making a ransomware payment declined slightly year-on-year , from 79 % in 2022 and 83 % in 2021 , but has remained high despite government pressure and regulatory scrutiny .
Australian organisations are acquiescing quickly : 74 % of executives reported paying the ransom within 48 hours while almost two-in-five ( 37 %) made the payment within 24 hours .
This is consistent with previous years , with 78 % of companies surveyed in 2022 reporting that they paid within 48 hours and 74 % in 2021 .
Overall , the estimated average cyber ransom paid was US $ 1.03 million , on par with US $ 1.01 million in 2022 and US $ 1.07 million in 2021 . This figure is still lower than the average amount that business leaders would be willing to pay ( US $ 1.32 million ).
Despite consistent government advice against doing so , 70 % of surveyed businesses ( including those yet to experience an attack ) said they would be willing to pay a ransom .
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