hacker ransomware

How significant is the threat of cybercrime?

Thanks to a cybersecurity organization, we don’t have to guess.

Sophos released its most recent annual study, The State of Ransomware 2022. Their report summarizes the findings of research agency Vanson Bourne’s survey of IT professionals worldwide. It’s worth noting that the survey consulted:

  • 5,600 IT professionals from mid-sized organizations (with between 100-5,000 employees)
  • Respondents who were from “vendor-agnostic” businesses (or neutral – not tied to any specific manufacturer)
  • Businesses from 31 countries

The survey took place in January and February 2022. They asked respondents to provide information based on their experiences from the previous year.


Here are some of the highlights from the report:


Cybersecurity attacks have increased both in number, complexity, and severity:

  • 66% of organizations surveyed were hit directly by ransomware (up 37% from 2020)
  • Attackers successfully encrypted data in 65% of attacks
  • Ransom demands of US$1 million+ have increased from 4% in 2020 to 11% in 2021, while the average ransom reported increased from US$170,000 in 2020 to US$812,360 in 2021
  • More than 50% reported the impact of attacks increased, affecting their ability to operate as well as losing business and revenue



Organizations had more success getting data restored after an attack by using backups. Researchers found that it’s rare for victims to recover much more than half of their data after paying a ransom. Having the right technology to perform regular backups is essential—and so is practicing restoring data from them.


Cyber Insurance

Researchers also learned that most companies have cyber insurance. Reassuringly, 98% of respondents who had cyber insurance and became ransomware victims reported the policy paid out to help them recover.



To guard against cybersecurity threats, Saphos recommends organizations invest in improving their cybersecurity defenses, regularly review security controls and ensure security gaps are closed.


Do you have clients who need protection from ransomware? Contact the knowledgeable insurance specialists at CSRisks, and we’ll discuss options for cyber insurance quotes from top carriers.