Insurer Report Finds 80% of Ransomware Victims End Up Paying Ransoms

A new Cyber Readiness Report from insurer Hiscox reveals that roughly 80% of businesses targeted by ransomware in the past year have opted to pay the ransom demands. Yet even with the payment, full restoration of data is not guaranteed, only 60% of those who paid were able to recover all or part of their systems. The report surveyed 5,750 small and medium enterprises (SMEs), of which 27% said they had experienced a ransomware attack in the past 12 months. Alarmingly, about one in three victims who pay find themselves facing demands for additional payment.

Hiscox’s global head of cyber warns that cyber-attacks may threaten the survival of many businesses, especially those without strong backups or adequate cybersecurity investment. The findings also come in the context of high-profile cyber incidents affecting major firms such as Marks & Spencer, Co-op and Jaguar Land Rover.

Source: sky.com