Most Ransomware Victims Would Pay Up If Attacked Again
Ransomware is one of the fastest-growing cyber-crimes in the world. A ransomware attack is where cybercriminals infiltrate your network and steal your data by encrypting it. The data is still there, but you can’t access it.
Then they demand you pay a large ransom fee for the encryption key. If you don’t pay the demand, they delete your data.
It’s not just the cost of the ransom fee. There’s the stress, reputational damage, and downtime that goes with it. For example, in 2021, the average downtime after a ransomware attack was 22 days.
Official advice is not to pay any ransomware demands.
However, a new survey has shown that a massive 97% of business leaders who’ve experienced a ransomware attack in the past would pay up quickly if attacked again. A third of them would pay instantly.
That tells you a lot about what a nightmare the whole thing is for any business.
The other problem is that when you pay a ransomware demand, there is no that you’ll get your data back. On average, cybercriminals restore only 65% of data once you pay their fee.
Your company may face further extortion. Also, by letting cyber criminals know that your business pays ransom fees, you’ll likely face subsequent attacks in the future.
So, what’s the best way to deal with ransomware?
First, you should put in place the right security measures to try to prevent an attack:
· Educate your people on cyber security and best practice
· Implement multi-factor authorization across all your applications
· Use a password manager
· Make sure all updates are installed quickly
· And you should always have a working backup in place – ideally one where older data is retained and cannot be changed
It’s also a great idea to have a response and recovery plan that details what you will do in the event of a ransomware attack.
It will mean your business can respond faster, but it should reduce the amount of downtime suffered as you’ve already considered what needs to happen.
Protecting your business is what we do. Wahaya IT helps businesses increase their cyber security to reduce their chances of being affected. Let’s talk.
Published with permission from Your Tech Updates.