Initial Ransomware Demands Jump 20% to $600,000 in 2023

Initial ransomware demands reached a median of $600,000 in 2023, a 20% rise on the previous year, according to a new report by Arctic Wolf.

Several industries – energy & natural resources, retail and legal & government – received median demands of $1m or more per incident.

The research highlighted a number of factors that cybercriminals base the size of their initial demand:

• The resources of the victim, based on its size and financial position
• The victim organization’s industry, which influences their sensitivity to disruption and negative press
• The impact of the attack on the victim’s operations
• The extent of the victim’s insurance coverage
• The ego and mood of the attacker