Bad news - businesses who pay ransomware attackers arent very likely to get their data back

Date:
Thu, 23 Jan 2025 13:03:10 +0000

Description:
Only 1 in 10 who pay ransomware attackers actually retrieve their data,
report claims.

FULL STORY

With ransomware attacks becoming ever more common, a firms response can be crucial to recovery and mitigating the damage of the attack.

A new study from Hiscox has revealed a good reason not to pay attackers, finding in the vast majority of cases, even when a ransom is paid, companies dont get their information back.

The company found only 7% of firms recovered their data in full - and in
fact, 1 in 10 of the businesses who pay the ransom still had their data
leaked.

Reputations to ransom

Aside from the obvious impacts of financial loss and stress to those
involved, ransom attacks also affect reputations of companies who fall
victim.

The study found of those who experienced a ransomware attack in the last 12 months, a staggering 47% reported greater difficulty in attracting new customers, and 43% have lost customers.

Hackers are holding reputations to ransom and no business is too small to be at risk, said Alana Muir, Head of Cyber at Hiscox UK.

Most businesses are worried about this too, with 61% of organizations
believing that the reputational damage from a cyberattack would significantly damage their business.

In 2024, the survey found over a third (38%) of companies that fell victim to
a cyberattack also suffered bad publicity resulting in damage to brand reputation, and 21% also lost business partners, showing just how detrimental attacks can be, even beyond the attack itself.

The news comes shortly after the UK Government opened a consultation to consider banning the payment of ransoms by public institutions in the event
of a ransomware attack, in efforts to make critical infrastructure a less attractive target, and to disrupt criminals sources of income.

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Link to news story: https://www.techradar.com/pro/security/only-1-in-10-who-pay-ransomware-attacke rs-actually-retrieve-their-data

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