Whether or not to pay the ransom is a major dilemma for ransomware victims, but many organizations ultimately end up caving in to demands, new data suggests.
According a new report from data storage and management company Quantum, based on a poll of hundreds of IT professionals, two in five companies have fallen victim to a ransomware attack in the last two years. Of that group, almost all (82 percent) decided to pay up.
Quantum suggests the problem is that victims of ransomware attacks have too much to lose to avoid paying up. Aside from the financial implications, a ransomware attack can negatively impact productivity as a result of downtime and have knock-on effects on a company's reputation.
The jury is still out as to whether or not paying the ransom is a criminal offense. In some instances, it could be treated by law enforcement agencies as funding terrorist or criminal operations, which would put any business between a rock and a hard place.
What’s more, 87 percent said their executives are worried about future ransomware attacks, as just 6 percent could restore the data from an air-gapped backup solution.
“The research we conducted for Quantum underscores the absolute need for enterprises to have a data management strategy in place—including storing, archiving, accessing and analyzing the massive amounts of data these organizations generate,” said Scott Sinclair at ESG.
“Without the right solutions and strategy in place, organizations are missing out on the potential value of this data and leaving themselves open to exorbitant costs and risks of ransomware and other cyberthreats.”
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