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Businesses ready to pay ransom, not so ready to stay secure

Many businesses in the UK are not prepared for a cyber-attack, especially a ransomware attack. But they are, in a sense, prepared to answer, once attacked. Not in a way you'd expect them to be, though.

These are the conclusions released in a new research report by Citrix (opens in new tab), based on a poll of 250 IT and security specialists in companies with 250 or more employees in the UK.

Here are further details: Almost half of businesses (48 per cent) do not back up their data at least once a day, spelling trouble in case of a ransomware attack. Instead of backing up, a third (33 per cent) decided to start stacking up Bitcoin, so it's easier for them to pay up if they get attacked.

Citrix also said that larger companies (2,000 employees and more) are willing to pay as much as £50,000 in Bitcoin in order to get their business-critical data back.

“Today’s threat landscape is more advanced, more determined and better equipped than ever before to exploit the weaknesses of organisations - many of which house a potential data goldmine,” says Chris Mayers, chief security architect at Citrix.

“This research has further highlighted the sheer volume of questions to be answered by companies across the UK, with many simply not prepared for a cyberattack that could result in the loss of mission critical data, reduced revenues and a decline in public trust.”

Smaller companies are more likely to keep a stash of Bitcoin, which Citrix says is a sign of ‘more emphasis on cyber-security’. Still, 13 per cent admitted to never serialising backup files.

Image source: Shutterstock/Martial Red

Sead Fadilpašić is a freelance tech writer and journalist with more than 17 years experience writing technology-focussed news, blogs, whitepapers, reviews, and ebooks. And his work has featured in online media outlets from all over the world, including Al Jazeera Balkans (where he was a Multimedia Journalist), Crypto News, TechRadar Pro, and IT Pro Portal, where he has written news and features for over five years. Sead's experience also includes writing for inbound marketing, where he creates technology-based content for clients from London to Singapore. Sead is a HubSpot-certified content creator.