Ransomware Attackers Double The Amount of Money Stolen to Over $1B In 2023

Ransomware Attackers Double the Amount of Money Stolen to Over $1 Billion in 2023

In 2023, ransomware attackers shattered records — stealing more than $1 billion from businesses and organizations worldwide. That’s nearly double the $567 million stolen in 2022, according to a Chainalysis report covered by Insurance Journal and Forbes.

These jaw-dropping numbers highlight a chilling reality: ransomware is no longer a rare occurrence — it’s big business. And it’s evolving faster than most companies are prepared for.

What Is a Ransomware Attack?

A ransomware attack is a type of cyberattack where hackers infiltrate your systems and encrypt your files, locking you out of your own data. The only way to regain access? Pay a ransom, often demanded in cryptocurrency to remain untraceable.

These ransoms can range from tens of thousands to millions of dollars, depending on the size of the business and the sensitivity of the data involved.

Imagine logging into your company network tomorrow morning and seeing all your files locked — with a digital ransom note demanding $1 million in Bitcoin.

Most small and mid-sized businesses don’t have that kind of cash lying around — and even if they did, there’s no guarantee that paying the ransom will restore access or prevent a repeat attack.

Why Are Ransomware Attacks Getting Worse?

Several factors are driving the surge in ransomware payouts:

• Organized criminal groups (often based overseas) are running ransomware operations like high-profit businesses.
• The rise of Ransomware-as-a-Service (RaaS) platforms lets amateur hackers lease powerful ransomware tools.
• Cryptocurrency enables fast, anonymous payments with fewer legal hurdles.
• Many businesses lack robust cybersecurity protections or fail to train employees on phishing and social engineering attacks.

Put simply: the reward is high, and the risk of being caught is low — making ransomware an attractive enterprise for cybercriminals.

What Can Your Business Do to Prevent a Ransomware Attack?

Here are key steps every business should take to reduce their risk:

• Back up your data regularly — and store backups offline or in a separate cloud environment.
• Train your employees on how to spot phishing emails and suspicious links.
• Invest in cybersecurity tools such as endpoint detection, firewalls, and real-time threat monitoring.
• Review your cyber insurance policy — make sure it includes ransomware coverage, incident response support, and legal assistance.

Is Your Business Prepared for a Ransomware Attack?

Most companies underestimate the impact a cyberattack could have until it’s too late. If your business had to shut down for several days — or worse, permanently lose access to customer data — could you afford the hit?

Now is the time to assess your risk and build a plan.

Need help reviewing your cyber insurance coverage or putting a response plan in place?


📞 Contact us today — we’ll help make sure your business is protected.