Ransomware, Threat Management, Threat Management, Security Strategy, Plan, Budget

Ransomware payments prevalent among victims

Sixty-three percent of organizations impacted by ransomware attacks in 2021 provided payments to their attackers, according to TechRepublic. Successful ransomware attacks have hit 71% of organizations last year, which was 55% higher than in 2017, while the threat of exfiltrated data exposure, lower recovery costs, and increased data recovery confidence were the main reasons cited for paying demanded ransoms, a CyberEdge Group report revealed. Meanwhile, organizations have failed to properly defend themselves from attacks due to a shortfall in skilled workers brought upon by the Great Resignation, as well as low employee security awareness. Companies have been recommended to increase IT security budgets and bolster employee training to address such concerns. "These days, being victimized by ransomware is more of a question of ‘when’ than ‘if.’ Deciding whether to pay a ransom is not easy. But if you plan ahead, and plan carefully, that decision can be made well in advance of a ransomware attack. At the very least, a decision framework should be in place so precious time isn’t wasted as the ransom payment deadline approaches," said CyberEdge Group founder and CEO Steve Piper.

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