Would You Pay if Your Business Was Hit by Ransomware?

Ransomware is scary. It’s where cybercriminals lock your data and charge you a ransom fee to get it back. If it happened to you, would you pay the fee?

Despite what the criminals promise, they don’t always unlock data when the ransom fee is paid. Or they ask for a second fee. Or they unlock it and then sell it on the dark web anyway.

According to Cybereason’s Ransomware: The True Cost to Business report, 73% of all organizations have experienced a ransomware attack in the last 12 months. And of those that were attacked, the question of whether the ransom was paid always comes up:

• 41% paid to “expedite recovery.”
• 28% paid to “avoid downtime.”
• 49% paid to “avoid a loss in revenue.”

But even after paying the ransom, 80% experienced a second attack, and 68% were asked for a higher ransom!

Many large companies are now refusing to pay, finding other ways to get their data back. And ransomware groups are looking for different opportunities. Small, financially stable businesses are the new targets. And the size of payments demanded has increased.

This means you and your team need to be vigilant about cybersecurity. Continue to take the necessary precautions, such as using a password manager, checking emails are legitimate, and making sure your network is being monitored and protected.

It’s also vital that you have a working backup of all data. Check it regularly.

Even without paying the ransom demand, your business stands to lose a lot of money if hit by ransomware. It takes ages and can cost a ton to get back on your feet.

If you want us to audit your business and check its ransomware resilience, get in touch.

Information used in this article was provided by our partners at MSP Marketing Edge.