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Ransomware Attacks Surge 20% in 2024: At-Bay’s New Report Warns Mid-Sized Companies

Posted on April 12, 2025April 12, 2025 By Martin Hinton
Ransomware Attacks Surge Again in 2024

Ransomware attacks rose nearly 20% in 2024, according to At-Bay’s newly released 2025 InsurSec Report. The severity of these cybercrime attacks also jumped 13%. The report, grounded in real claims data, shows the digital battlefield is getting riskier, especially impacting cybersecurity for mid-sized businesses.

Companies earning between $25 million and $100 million faced the worst. They experienced a shocking 46% increase in ransomware incidents and a 47% surge in losses. Ransomware returned to 2021 levels, driven by both direct and third-party cybercrime attacks.

At-Bay company logo with lowercase black text "at bay" and a blue underline beneath "at". Used in article about their new InsurSec Report on cybercriminals, cybercrime like ransomware attacks
Remote Access Tools: A Major Cybercriminal Magnet

The majority—80%—of ransomware attacks began with remote access tools like VPNs and Remote Desktop Protocol (RDP). VPNs alone were linked to two-thirds of all attacks. Adam Tyra, At-Bay’s CISO for Customers, warned that companies using outdated remote tools are painting targets on themselves.

These legacy tools often come with unpatched vulnerabilities. Once exploited, attackers can move quickly and quietly inside the network, deploying ransomware before the victim can react.

Third-Party Risk Escalates With 43% Jump in Claims

A significant shift emerged in 2024: businesses suffered more from their vendors’ cybersecurity failures. Claims from third-party incidents rose by 43%, with average losses soaring 72% to $241,000.

The CDK Global ransomware attack, which disrupted 15,000 North American auto dealers, highlighted this danger. Even if a company’s own system is secure, partners may expose them to risk.

Email Remains the Entry Point for Cybercriminals

Email has remained the most popular method of communication for hackers, responsible for 43% of all cyber claims. It was behind 83% of financial fraud incidents. Generative AI now helps criminals craft polished, convincing messages—making attacks more effective and harder to detect.

Unlike ransomware, which starts with remote tools, email-led cybercrime attacks focus on deceiving employees directly. Victims often don’t notice until it’s too late.

Financial Fraud Is Still the Top Threat

Financial fraud accounted for one-third of all claims in 2024. Although ransomware gets headlines, fraud is more frequent. The average loss from fraud hit $268,000, with one case topping $5 million.

Mid-sized companies again bore the brunt, experiencing a 20% increase in incidents. These businesses are big enough to be targets but not always equipped with strong financial controls to catch scams.

Ransom Demands Grow, But Few Pay Up

The average ransomware demand hit $957,000 in 2024. However, only 31% of companies paid, and those who did negotiated down to an average of $317,000. Still, these events often bring higher costs—like business shutdowns and lawsuits.

At-Bay helped its customers recover $49 million from financial fraud losses and avoid paying $146 million in ransoms.

Criminal Groups Multiply and Get More Aggressive

In 2024, At-Bay identified 47 different ransomware groups, three times more than in 2021. With more groups, there’s less trust. Attackers are less likely to honor deals or return data. This uncertainty drives up costs and panic.

These groups now use tactics like double extortion, encrypting data, and threatening to leak it. Some cybercriminals, like Black Basta, have tools that exploit known remote access weaknesses, making their cybercrime attacks more efficient.

Future Outlook: Worse Before It Gets Better

The end of the Ukraine war may unleash a new wave of cyber talent, some of which were trained during the conflict. With U.S. government cyber operations pulling back, the private sector will play a more significant role in defense.

At-Bay warns that the cyber threat landscape will get more crowded and more dangerous. Businesses that delay upgrading their systems or tightening their third-party relationships may find themselves under siege.

Ransomware as a Leaky Faucet: Plain Talk for Real Folks

Think of ransomware like a leaky faucet in an old house. You know it’s dripping, but you wait to fix it—until the pipe bursts and floods the kitchen. That’s how remote access tools like VPNs are functioning in today’s cyber world. They’re old, leaky, and leaving businesses soaked with losses.

Other News: Cybersecurity Challenges Rise as Absolute Security Preps for RSA Conference in San Francisco(Opens in a new browser tab)

Martin Hinton

Martin Hinton is the Executive Editor and Publisher of Cyber Insurance News and Information. With over three decades of journalism experience across six continents, his work encompasses investigative reporting, documentaries, and coverage of cultural, political, and business news. To learn more about his career, click on his name to visit his LinkedIn page.

Cybersecurity, Cybersecurity Report, Ransomware Insurance Tags:At-Bay report, business interruption, cyber insurance, cyber liability insurance, Cybersecurity 2025, Data Breach, email phishing, financial Fraud, malware, Ransomware, remote desktop attacks, third-party cyber risks, VPN vulnerabilities

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In this clip from our latest podcast episode, Dan Candee, CEO of Cork Protection, dives into a critical topic that hits close to home: Cybersecurity for Main Street businesses.

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Cybersecurity for Main Street: Dan Candee on Protecting Small Businesses | CEO of Cork Protection
SMB Cyber Threats - In this episode of the Cyber Insurance News Podcast, host Martin Hinton talks with Dan Candee, CEO of Cork Protection, about the rising tide of cyber threats targeting small and mid-sized businesses (SMBs). Dan shares his journey from Main Street entrepreneur to cybersecurity leader, offering real-world insight into the threat landscape, financial vulnerabilities, and how AI and managed service providers (MSPs) can help fortify business resilience.

We explore:
• Why Main Street is more vulnerable than Wall Street
• Common SMB cybersecurity blind spots (like ACH fraud)
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• How Cork Protection blends cybersecurity and cyber insurance
• Real-world attack case studies and practical advice for SMBs

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📌 Topics: cybersecurity, cyber insurance, social engineering, SMB protection, ransomware, AI in security, MSPs

🎙 Guest: Dan Candee, CEO of Cork Protection
📢 Host: Martin Hinton, Executive Editor, Cyber Insurance News

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00:00 Introduction - Dan Candee and Cork Protection
02:27 The Importance of Cybersecurity for Small Businesses
05:29 Understanding Cyber Threats and Their Impact
08:26 The Role of Managed Service Providers in Cybersecurity
11:24 24Financial Protection and Cyber Insurance Solutions
14:01 Leveraging AI in Cybersecurity
16:53 Navigating Cyber Insurance Policies
19:56 Empowering Small Businesses with Knowledge
21:52 The Future of Cybersecurity and Community Resilience
26:05 MSP/ MSSP The Lingo decoded
29:05 Finals Thoughts and a bit of Hope!
SMBs Are Cyber Targets | Dan Candee on Cyber Resilience & AI | Cyber Insurance News Podcast EP#6
Cyberattack on Small Business is on the rise—and AI is making it worse. In this episode of the Cyber Insurance News Podcast, host Martin Hinton sits down with William Altman of CyberCube to unpack how AI is enabling threat actors to more efficiently target and exploit small businesses.

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0:00 - Introduction
6:26 - William Altman on AI and threat actors
6:50 - Credential stuffing, brute force & reused credentials
10:00 - What small businesses can do right now
14:20 - The future of AI in cybercrime

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Cyberattack on Small Business: How AI Supercharges Cyber Threats | William Altman @CyberCube"
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