In 2023, organizations all around the world detected 317.59 million ransomware attempts. Overall, this number decreased significantly between the third and fourth quarters of 2022, going from around 102 million to nearly 155 million cases, respectively. Ransomware attacks usually target organizations that collect large amounts of data and are critically important. In case of an attack, these organizations prefer paying the ransom to restore stolen data rather than to report the attack immediately. The incidents of data loss also damage companies’ reputation, which is one of the reasons why ransomware attacks are not reported. Most targeted industries and regions As a part of critical infrastructure, the manufacturing industry is usually targeted by ransomware attacks. In 2022, manufacturing organizations worldwide saw 437 such attacks. The food and beverage industry ranked second, with over 50 ransomware attacks. By the share of ransomware attacks on critical infrastructure, North America ranked first among other worldwide regions, followed by Europe. Healthcare and public health sector organizations filed the highest number of complaints to the U.S. law enforcement in 2022 about ransomware attacks. Ransomware as a service (RaaS) The Ransomware as a Service (RaaS) business model has existed for over a decade. The model involves hackers and affiliates. Hackers develop ransomware attack models and sell them to affiliates. The latter then use them independently to attack targets. According to the business model, the hacker who created the RaaS receives a service fee per collected ransom. In the first quarter of 2022, there were 31 Ransomware as a Service (RaaS) extortion groups worldwide, compared to the 19 such groups in the same quarter of 2021.

On average, 59 percent of organizations worldwide were victims of a ransomware attack between January and February 2024, according to a survey conducted among cybersecurity leaders of worldwide organizations. France ranked first by the ransomware rate in companies, with 74 percent reporting having encountered such an attack in the last 12 months. Companies in South Africa, Italy, and Austria followed, with up to 69 percent of the organizations experiencing ransomware attacks.

In the last two quarters of 2022, global ransomware attacks increased by over 50 percent, going from over 102 million to nearly 155 million cases. In recent years, the highest number of global ransomware attacks was registered in the second quarter of 2021, when organizations worldwide reported encountering 188.9 ransomware attacks.

Here are the most important ransomware statistics you need to know about the attacks, demands, payments and consequences that can occur.

As of February 2023, the WannaCry ransomware attack launched in 2017 was the biggest attack by its impact. During this attack, cyber actors took over 250 thousand user accounts of Microsoft Windows. As a result of this attack, the company lost over four billion U.S. dollars. The latest of selected significant cyberattacks was the 2022 ransomware attack against Swisspost, in which 1.6 terabytes of data was stolen.

As of 2023, over 72 percent of businesses worldwide were affected by ransomware attacks. This figure represents an increase on the previous five years and was by far the highest figure reported. Overall, since 2018, more than half of the total survey respondents each year stated that their organizations had been victimized by ransomware. Most targeted industries
In 2023, the healthcare industry in the United States was once again most targeted by ransomware attacks. This industry also suffers most data breaches as a consequence of cyberattacks. The critical manufacturing industry ranked second by the number of ransomware attacks, followed by the government facilities industry. Ransomware in the manufacturing industry
The manufacturing industry, along with its subindustries, is constantly targeted by ransomware attacks, causing data loss, business disruptions, and reputational damage. Often, such cyberattacks are international and have a political intent. In 2023, compromised credentials were the leading cause of ransomware attacks in the manufacturing industry.

Here are the leading causes of ransomware attacks today.

The ransomware protection market is projected to reach USD 50.81 billion by 2033, expanding at a CAGR of 14.21% from 2025 to 2033. The rising prevalence of ransomware attacks, increasing adoption of cloud-based services and IoT devices, and growing awareness of data security have fueled market expansion. Organizations across various industries are actively adopting ransomware protection solutions to safeguard their critical data and systems from cyber threats. Key drivers influencing market growth include the increasing sophistication of ransomware attacks, the emergence of new ransomware variants, and stringent government regulations mandating data protection. Moreover, the proliferation of connected devices and the growing adoption of cloud computing create additional opportunities for ransomware attacks, driving demand for robust protection measures. The market is highly competitive, with established vendors such as Microsoft, Sophos, and McAfee dominating the landscape. However, emerging players are gaining traction by offering innovative and specialized ransomware protection solutions tailored to specific industry needs and requirements. Recent developments include: June 2022: Trend Micro unveiled Trend Micro One, a comprehensive security platform with unified cybersecurity. The platform offers continuous threat and lifecycle assessment, reaction, and threat mitigation., May 2022: In a project to create MITRE ATT&CK, a cyber-adversary behavior framework that reflects the many stages of an adversary's attack lifecycle and the platforms they are known to target, Microsoft, the Centre for Threat-Informed Defence, and other industry partners worked together. The project aims to support defenders who utilize the framework to concentrate on certain approaches regardless of the surroundings or attack situation.,

Standalone Anti-Ransomware Software

End-Point Security

Network Security

Secure Web Gateways

,

Managed

Consulting

Support & Management

,

BFSI

IT & Telecom

Healthcare

Education

Manufacturing

Retail

. Potential restraints include: Security And Data Privacy Concerns 26.

In the third quarter of 2024, the average ransom payment for cyberattacks in the United States amounted to over 479 thousand U.S. dollars, down from 850 thousand U.S. dollars in the third quarter of 2023. This figure had increased significantly since the first quarter of 2022, when the average amount of ransom payments in the U.S. was approximately 212 thousand U.S. dollars.

Global Ransomware Protection Market size was worth around USD 20.3 Billion in 2022 and is predicted to grow to around USD 73.9 Billion by 2030 with a CAGR of 17.5%.

During the first quarter of 2022, approximately 40 percent of industrial ransomware attacks worldwide targeted companies and infrastructures based in the United States. Companies in the United Kingdom saw eight percent of the ransomware attacks, while companies and infrastructures in Germany, Italy, and Canada recorded seven percent of the attacks during the examined period, respectively.

In 2023, 143 significant ransomware attacks were detected in Europe, marking a 31 percent increase from 109 known major ransomware attacks in the previous year. Meanwhile, the figures do not represent the overall number of ransomware attacks in the region. Furthermore, in 2022 small and medium enterprises (SMEs) remained the primary target for ransomware actors.

Data Encryption Market Overview The global data encryption market is projected to register significant growth, with a market size of USD 14.5 billion in 2025 and a CAGR of 16% over the forecast period of 2025-2033. The increasing adoption of cloud computing and digital transformation initiatives are driving the demand for data encryption solutions to protect sensitive data from cyber threats. Additionally, industry regulations, such as GDPR and CCPA, are mandating organizations to implement data encryption measures, further fueling market growth. Market Drivers, Restraints, and Trends Key market drivers include rising cybersecurity threats, increasing data breaches, and the growing need for data privacy. The increasing adoption of IoT and mobile computing is also contributing to the need for data encryption. However, the high cost of implementation and the lack of skilled professionals can pose challenges to market growth. Notable market trends include the emergence of advanced encryption algorithms, such as quantum-safe cryptography, and the integration of encryption with AI and machine learning technologies. Regional factors, such as government regulations and technology adoption rates, also influence the market's growth trajectory. Recent developments include: On Apr. 11, 2023, Menlo Security, a leading provider of browser security solutions, published the results of the 10th Annual Cyberthreat Defense Report (CDR) by the CyberEdge Group. The report, partially sponsored by Menlo Security, highlights the augmenting importance of browser isolation technologies to combat ransomware and other malicious threats., The research revealed that most ransomware attacks include threats beyond data encryption. According to the report, around 51% of respondents confirmed that they have been using at least one type of browser or Internet isolation to protect their organizational data, while another 40% are about to deploy data encryption technology. Furthermore, around 33% of respondents noted that browser isolation is a key cybersecurity strategy to protect against sophisticated attacks, including ransomware, phishing, and zero-day attacks., On Feb.14, 2023, EnterpriseDB, a relational database provider, announced the addition of Transparent Data Encryption (TDE) based on open-source PostgreSQL to its databases. The new TDE feature will be shipped along with the firm's enterprise version of its database. TDE is a method of encrypting database files to ensure data security while at rest and in motion., Adding that most enterprises use TDE for compliance issues helps ensure data encryption on the hard drive and files on a backup. Before the development of built-in TDE, enterprises relied on either full-disk encryption or stackable cryptographic file system encryption., On Jan.25, 2023, Researchers from the Tokyo University of Science, Japan, announced the development of a faster and cheaper method for handling encrypted data while improving security. The new data encryption method developed by Japanese researchers combines the best of homomorphic encryption and secret sharing to handle encrypted data., Homomorphic encryption and secret sharing are key methods to compute sensitive data while preserving privacy. Homomorphic encryption is computationally intensive and involves performing computational data encryption on a single server, while secret sharing is fast and computationally efficient., In this method, the encrypted data/secret input is divided and distributed across multiple servers, each performing a computation, such as multiplication, on its data. The results of the computations are then used to reconstruct the original data., September 2022: Convergence Technology Solutions Corp., a supplier of software-enabled IT and cloud solutions, declared that it has obtained certification in Canada to sell and deploy IBM zsystems and LinuxONE., November 2019: Penta Security Systems announced that it has been selected as a finalist for the 2020 SC Magazine Awards, which are given by SC Media and celebrated in the United States. As a result, MyDiamo from Penta Security has been named the Best Database Security Solution of 2020. Additionally, this will result in the expansion of common-level encryption and improve the open-source DBMS installation procedure.. Potential restraints include: ISSUE REGARDING SECURITY AND DATA BREACH 44, HIGH IMPLEMENTATION COSTS AND COMPLEXITY 45; ISSUE WITH RESPECT TO DATA CONSISTENCY AND INTEROPERABILITY ACROSS DIFFERENT EDGE PLATFORMS 45.

From 2021 to 2024, the share of financial institutions worldwide experiencing ransomware attacks has increased significantly. In 2024, roughly 65 percent of financial organizations worldwide reported experiencing a ransomware attack, compared to 64 percent in 2023 and 34 percent in 2021.

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Data Exfiltration Market Size 2024-2028

The data exfiltration market size is forecast to increase by USD 31.14 billion at a CAGR of 9.7% between 2023 and 2028.

In the market, the concern for data security continues to be a primary driver. With the increasing use of applications and the digitalization of businesses, the risk of data breaches through malware attacks has become a significant challenge. Telecom and IT sectors are particularly vulnerable to such threats, making the need for effective data security solutions more pressing. Antivirus and anti-malware solutions, as well as intrusion prevention systems, have emerged as crucial tools to combat these risks. However, the high cost of implementing these solutions can be a challenge for smaller organizations. As businesses continue to rely on trade secrets and sensitive information, the importance of strong security measures cannot be overstated.

What will the size of the market be during the forecast period?

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Data exfiltration, the unauthorized transfer of sensitive data from an organization's IT infrastructure, has emerged as a significant concern for businesses worldwide. This illicit activity can result in financial losses, reputational damage, and legal consequences. In this article, we delve into the data exfiltration landscape, discussing the threats, mitigation strategies, and best practices for organizations to protect their valuable data. Data exfiltration can occur through various means, including malware, phishing attacks, insider threats, and vulnerabilities in cloud technology. Malware, such as ransomware, can encrypt data and demand a ransom for its release. Phishing attacks can trick employees into revealing sensitive information, while insiders with authorized access can intentionally or unintentionally leak data. Vulnerabilities in cloud technology can also provide an avenue for attackers to exfiltrate data. To mitigate data exfiltration risks, organizations must implement a multi-faceted approach. First, they should focus on securing their networks and endpoints. Network segmentation, multi-factor authentication, and endpoint security are essential components of a Strong security strategy. Regular security audits, vulnerability assessments, and threat intelligence can help identify and address vulnerabilities before they are exploited. Second, organizations should prioritize data protection. Data encryption, compliance regulations, and digital forensics are crucial for safeguarding sensitive information.
Compliance with regulations like GDPR can help ensure that organizations handle data responsibly and mitigate the risk of data breaches. Third, employee productivity and cybersecurity awareness training are vital. Employees are often the weakest link in an organization's security posture. Regular training on cybersecurity best practices, such as secure coding practices, can help prevent data exfiltration through human error. Fourth, organizations should consider implementing zero trust security. Zero trust security assumes that all users and devices are potential threats and requires verification of their identity and the security of their devices before granting access to sensitive data. Fifth, cybersecurity insurance can provide financial protection against data exfiltration incidents. However, insurance policies should not replace Strong security measures. Lastly, organizations should have a data exfiltration response plan in place. A well-defined response plan can help minimize the damage caused by a data exfiltration incident and ensure that the organization can recover quickly. In conclusion, data exfiltration is a significant threat to businesses, and organizations must take a proactive approach to mitigate the risks. A multi-faceted security strategy that includes securing networks and endpoints, prioritizing data protection, focusing on employee productivity and cybersecurity awareness, implementing zero trust security, and having a data exfiltration response plan in place are essential components of an effective data exfiltration mitigation strategy.

How is this market segmented and which is the largest segment?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Type

  SMEs
  Large enterprise


Geography

  North America

    Canada
    US


  Europe

    Germany
    UK
    France
    Italy


  APAC

    China
    India
    Japan
    South Korea


  South America



  Middle East and Africa

By Type Insights

The SMEs segment is estimated to witness significant growth during the forecast period.

The market is experiencing notable growth due to several factors. In the US market, Small and Medium Enterprises (SMEs) in developing

As of the second quarter of 2022, the average length of interruption after ransomware attacks at businesses and organizations in the United States was 24 days. This was less than the downtime duration in previous quarter, 26 days. Overall, between the first quarter of 2020 and the fourth quarter of 2021, the average duration of the downtime after a ransomware attack had increased from 15 to 24 days.

Snapshot img

Medical Device Security Solutions Market Size 2024-2028

The medical device security solutions market size is forecast to increase by USD 2.62 billion at a CAGR of 11.96% between 2023 and 2028. In the dynamic landscape of medical technology, the security of medical device solutions has emerged as a critical concern. The integration of advanced technologies such as Proteomics and Genomics in healthcare has led to the proliferation of Connected Medical Devices (CMDs) and Internet of Medical Things (IoMT) devices. While these innovations offer numerous benefits, they also introduce new vulnerabilities, making cybersecurity a priority. Data breach incidents have become increasingly common, with cybercriminals exploiting weaknesses in software and outdated platforms. Ransomware attacks on healthcare organizations have become a significant threat, putting sensitive patient information at risk. To mitigate these challenges, a strong cybersecurity strategy is essential. Market trends indicate a growing focus on securing medical devices, with an increasing number of organizations adopting advanced security solutions. Despite these efforts, the use of outdated platforms in the healthcare industry persists, leaving many devices vulnerable to cyber threats. To stay ahead, stakeholders must remain vigilant and invest in the latest cybersecurity technologies and best practices.

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Medical devices, including pacemakers, insulin pumps, and other implanted and wearable gadgets, have become increasingly integrated with the internet and hospital networks. While these advancements bring numerous benefits, they also expose sensitive data and medical equipment to cyber-attacks. Cyber threats to medical devices can lead to illegal access control, compromising patient privacy and potentially endangering lives. Sensitive data transmitted wirelessly between medical facilities, IoT technologies, and computing power can be intercepted, leading to data breaches and unauthorized access. The internet and cell phone connectivity in healthcare settings further expand the attack surface.

Similarly, cybercriminals can exploit vulnerabilities in these devices and networks, causing disruptions, data theft, and even manipulating medical device functionality. To counteract these threats, new technologies and cyber-secure measures are being adopted to protect medical devices and the data they generate. These advancements include Iot technologies, data analytics techniques, and big data solutions. Data analytics techniques and big data can help medical facilities identify and respond to cyber threats in real-time. By analyzing patterns and anomalies in medical device data, healthcare providers can detect and mitigate potential attacks before they cause harm. Proteomics and genomics data, which are increasingly being used in personalized medicine, also require strong security measures.

Moreover, ensuring the cyber security of these data types is crucial for maintaining patient privacy and confidentiality. Incorporating cyber security into medical device design is essential. This includes implementing secure access control mechanisms, encrypting data transmission, and regularly updating software and firmware to address vulnerabilities. Wireless technologies used in medical devices must also be secured to prevent unauthorized access and data interception. Encryption, authentication, and secure communication protocols are essential for maintaining the security of wireless medical devices. As medical devices become more interconnected and data-driven, the importance of cyber security in healthcare settings will only continue to grow. By implementing advanced security solutions, healthcare providers can protect patient data, ensure the integrity of medical devices, and maintain the trust of their patients.

Market Segmentation

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Device

  Wearable and external medical devices
  Hospital medical devices
  Internally embedded medical devices


End-user

  Healthcare providers
  Medical devices manufacturers
  Healthcare payers


Geography

  North America

    US


  Europe

    Germany
    UK


  APAC

    China
    Japan


  Middle East and Africa



  South America

By Device Insights

The wearable and external medical devices segment is estimated to witness significant growth during the forecast period. In recent years, the healthcare industry has experienced significant transformation, integrating the Internet of Things (IoT) and advanced medical devices into the system. This shift towards decentralized care, from hospitals to homes, has led to the centralization of patient data in cloud-based hospital system

Between April 2022 and March 2023, the most commonly detected ransomware used in ransomware attacks in France where the victim decided not to pay the ransom, was LockBit. This ransomware family was noticed in 62 cyber attacks in the measured period. Vice Society ranked second, with seven reported incidents that did not include a ransom payment.

Between April 2022 and March 2023, the services sector in France saw the highest share of ransomware attacks where the victim organizations decided not to pay the ransom. In the measured period, more than 20 percent of the organizations in this sector stated not paying a ransom. Retail and government sectors followed, with ten and nine percent, respectively.

According to a survey conducted in December 2022, more than 24 percent of computer users in Japan neither knew the term nor the meaning of ransomware. Ransomware is a type of malware used to extort victims by blocking access to or threatening to publish their data.