Skip to main content

Most ransomware victims feel they have 'no choice' but to pay the ransom

ransomware
(Image credit: Image Credit: WK1003Mike / Shutterstock )

For victims of ransomware attacks, cybersecurity experts and law enforcement agencies usually have one piece of advice: don’t pay the ransom. However, new findings from security company ThycoticCentrify suggest a large majority (83 percent) of victims feel they have no choice but to pay up.

Based on a survey of 300 US-based IT business decision-makers, the report states that almost two-thirds (64 percent) of organizations have fallen victim to a ransomware attack in the last year alone. 

As a result, half of respondents experienced loss of revenue and reputational damage, while 42 percent said they had lost customers as a direct result of an attack.

Cybersecurity experts and law enforcement agencies are generally against paying the ransom, for numerous reasons: it motivates the criminals to continue deploying ransomware; it doesn’t guarantee the return of the data; and nor does it guarantee that the attackers won’t launch another attack. 

Instead of paying up, businesses should learn how to better defend themselves from these attacks, the report suggests. According to 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 cybercriminals contained and limit the damage they can inflict.”

All the signs point to the fact that businesses are increasingly aware of the threat posed by ransomware. The report states that 72 percent have increased their cybersecurity budgets, while 93 percent have allocated specific budget to fight the ransomware threat.

Sead Fadilpašić

Sead is a freelance journalist with more than 15 years of experience in writing various types of content, from blogs, whitepapers, and reviews to ebooks, and many more, across sites including Al Jazeera Balkans, TechRadar Pro, IT Pro Portal, and CryptoNews.