A recent study from BakerHostetler found that data security incidents in 2022 matched the number of cases in 2021, and ransomware attacks were less frequent in 2022 until a late-year surge. The average ransom demand was $3.7 million in 2022, while the actual average payout was just over $600,000. This displays an overall increase of 15% compared to 2021, but the healthcare industry experienced a 78% increase in paid ransoms. However, the overall time period for responding to, containing, and investigating cyber security incidents dropped last year compared to 2021.
Increased responsiveness is most likely due to security advances in repelling cyberattacks and data breaches. Sweeping supply chain attacks in 2020 inspired a unified effort to protect critical industries from malicious activity. Bad actors expanded their attacks in 2022 through multifactor authentication bombing, EDR-evading malware, and search engine optimization poisoning. In response, organizations enacted improved multifactor authentication, endpoint detection and response mechanisms, data backups, and dedicated security operations departments. Industries involved in digital asset and data management are acutely aware of the consequences of inadequate security.