More than a third of companies that paid ransom to cybercriminals were targeted for a second time after being hit by a ransomware attack, according to a new report.
The Hiscox Cyber Readiness Report found that 36% of companies that paid the ransom were hit again, while 41% of companies that paid failed to recover all of their data.
Lindy Cameron, head of the UK’s National Cyber Security Center (NCSC), said last year that ransomware attacks were the “most immediate threat” to the UK and urged companies to take more steps to protect themselves and their data.
The NCSC urges firms not to pay the ransom as it not only helps fund further crime but also provides no guarantee that criminals will return the stolen or locked data.
Ransomware is a form of cyber attack that locks files and data on a user’s computer and demands payment to release them back to the owner and as part of several high-profile cyber attacks in recent years. have been used, including in the 2017 attack on the NHS.
Our report shows that investing in building strong cyber security and building an effective response to an attack is more effective than paying cybercriminals.
The Hiscox report appeared to support the NCSC’s warnings, with 43% of businesses paying the ransom saying they still had to rebuild their systems.
While 29 per cent said that their stolen data is still leaked despite making the payment.
Another 26% said the ransomware attack had a significant financial impact on their business.
The report was based on a survey of more than 5,000 organizations in eight countries, including the UK and Ireland.
Gareth Wharton, Chief Executive of Hiscox Cyber, said: “Ransomware is still the most prevalent and harmful form of cyber attack and it is not unusual for a company to be hit multiple times.
“Even if a business owner decides to pay the ransom, often they cannot fully restore their system or prevent a data breach.
“That is why it is important that businesses take the necessary steps to protect their data and systems from cyberattacks; Keeping software up-to-date, running regular in-house training, and backing up data frequently makes it difficult for cybercriminals to enter their systems.
“Our report shows that investing in building strong cyber security and building an effective response to an attack is more effective than paying cybercriminals.
“It is revealing that more than a quarter of the businesses we surveyed paid a ransom in hopes of recovering their data because they had no back-up when regular and robust back-up procedures were the most important way to reduce One of the effective ways can be the effect of a ransomware attack.”
Credit: www.standard.co.uk /