What's Happening?
A survey conducted by insurance provider Hiscox reveals that 40% of companies that pay ransoms to cybercriminals fail to recover their data. The survey, which included thousands of small and medium-sized enterprises (SMEs), highlights the persistent threat
of ransomware, with 27% of businesses reporting attacks in the past year. Despite 80% of affected businesses paying ransoms, only 60% successfully retrieved their data, underscoring the risks and inefficacy of paying ransoms as a recovery strategy.
Why It's Important?
The findings emphasize the need for robust cybersecurity measures and highlight the risks associated with paying ransoms. Businesses face significant financial and operational impacts from ransomware attacks, and the failure to recover data can exacerbate these challenges. The survey underscores the importance of investing in preventive measures, such as data backups and cybersecurity training, to mitigate the risk of attacks. It also calls for increased awareness and policy development to support businesses in enhancing their cyber resilience.
