The Sophos 2023 report reveals that 66% of organizations were hit by ransomware, with education and high-revenue businesses most affected. The top attack methods were exploited vulnerabilities and stolen credentials. In 76% of cases, data was encrypted, and in 30% of those, data was also stolen. While 97% recovered data, most used backups (70%) or paid ransoms (46%). Backup use declined while ransom payments and costs rose—averaging $1.5M. Recovery via backups was faster and cheaper. Cyber insurance boosted recovery success but also increased ransom payouts. The report stresses stronger defenses and backup planning.

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