Ransomware attacks have significantly shifted in focus from locking personal computers to targeting companies and organizations for data theft and extortion. According to cybersecurity firm Panda Security, over 1.3 million ransomware attacks were recorded in the United States in 2024, with the average ransom payment nearing $490,000. This rise highlights the seriousness of cyber threats and the economic burden they pose on businesses.

Mikko Hyppönen, a leading cybersecurity consultant at Elisa, warns that criminals are no longer adhering to traditional rules, as they may sell stolen information even after receiving ransom payments. This change in the modus operandi of cybercriminals has made ransomware one of the most insidious forms of cybercrime, with its roots extending back to the early 2010s but evolving to become more sophisticated than ever.

The value of cyber insurance was reported to be €27.7 billion in 2024 and is expected to grow by 14% annually. This trend illustrates the increasing necessity for businesses to protect themselves against the rising tide of cybercrime, as ransomware becomes a permanent fixture in the landscape of digital threats.