Member Article

Majority of Ransomware Victims Pay To Restore Data

Ransomware attacks are increasing significantly and a recent report from cybersecurity firm ThycoticCentrify may demonstrate why.

The report, which surveyed 300 U.S. based IT business decision makers and titled “2021 State of Ransomware Survey & Report: Preventing and Mitigating the Skyrocketing Costs and Impacts of Ransomware Attacks,” confirmed that ransomware has become a preferred method for cyberattacks with nearly two out of three companies (64%) being hit by a ransomware attack in the last 12 months.

From those attack victims, four out of five (83%) felt they had no choice but to pay ransom demands to restore their data.

The report also highlights how organisations are responding to the growing threats from ransomware attacks, including:

• 72% have seen cybersecurity budgets increase due to ransomware threats
• 93% are allocating special budget to fight ransomware threats
• 50% said they experienced loss of revenue and reputational damage from an attack
• 42% indicated they had lost customers as a result of an attack

“Our research shows ransomware is a threat to organizations of all sizes and levels of sophistication,” said Art Gilliland, CEO at ThycoticCentrify. “The first line of defense should be solutions that secure privileged access, including multi-factor authentication (MFA) and other methods of enforcing Zero Trust, to keep would-be cyber criminals contained and limit the damage they can inflict.”

This was posted in Bdaily's Members' News section by TH .