Ransomware attacks bring with them an average recovery cost of $4.5 million, according to a recent survey, which also found that a significant number of businesses have been affected by the malware in the past year.

Data collected by Absolute Security from 500 US-based CISOs via Censuswide revealed that 72% of respondents' organizations had experienced ransomware incidents within the 12 months before the survey.

CISOs expressed deep concern about the potential cost of ransomware attacks, with nearly three-quarters (73%) stating that a successful ransomware incident could severely disrupt their operations.

Many companies are able to recover from such attacks fairly quickly, with 42% of respondents reporting recovery within 24 hours and another 39% taking between one and seven days.

However, some struggle more than others. Approximately 5% of respondents required over two weeks to fully restore their systems.

Due to its potentially devastating consequences, ransomware remains a top priority for CISOs. The survey showed that 80% of respondents ranked it as the most pressing cybersecurity threat their company faces.

“Every business is vulnerable to ransomware; the question isn’t whether it will happen, but when. Therefore, every organization must adopt a policy of cyber resilience, focusing not only on prevention but also on recovery,” said Andy Ward, senior VP and GM international at Absolute Security.

“Providing security teams with the capability to remotely isolate, recover, update, and restore compromised devices can stop ransomware from crippling an organization, halting the spread of breaches and ensuring continuity during an attack,” Ward continued.

“Resilience-focused technology and procedures can then wipe infected devices clean and return them to a secure state.”

The ransomware economy continues to evolve

Ransomware attacks continue to rise, forcing businesses to remain alert as ransomware groups refine their tactics and malware variants to bypass existing defenses.

February 2025 marked the worst month ever recorded for ransomware attacks, with high-profile incidents like the Ingram Micro cyber attack, attributed to the SafePay ransomware group, making major headlines.

Government agencies such as the UK’s National Cyber Security Centre (NCSC) and the US Cybersecurity and Infrastructure Security Agency advise against paying ransoms, as there's no guarantee data will be restored.

In its latest guidance on ransomware, the NCSC and UK insurance regulators urged companies to carefully evaluate their response strategies and consider how each payment fuels criminal networks and encourages further attacks.

Globally, governments and official advisory bodies are calling for an end to ransom payments. The UK government is also considering a ban on public sector organizations complying with ransom demands.

Yet, given the staggering recovery costs highlighted by Absolute Security, some leaders still choose to pay despite the risks.

In June, Sophos released findings showing that half of all corporate victims now pay to regain access to their data, often after negotiating the price with the attackers.

Businesses are increasingly managing concerns about cyber threats alongside tighter budgets and reduced spending flexibility.

According to ITPro’s Future Focus 2025 report, over a third of respondents (40%) indicated that their firms would allocate 20% or less of their total IT budget to cybersecurity, even amid growing concerns about threats like ransomware.

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