Most pay Ransomware despite claiming they never would

Within the last 24 months, 44% of UK organisations have been infected by ransomware, and 27% of those were infected more than once, according to recent research published by cyber security firm, Trend Micro.

What is Ransomware?

Ransomware is a type of malicious malware designed to block access to specific data, files or even the entire computer until a designated financial sum is paid to the cyber criminals responsible for the attack.

Who does it affect?

Of the organisations that had been infected with this type of malware, 1 in 3 of their employees and 31% of their customers were affected by the attack.

This type of cyber-attack can be especially dangerous if the organisation does not have any sort of digital backup for the data and files that could be sequestered by malware.

Would you pay?

Despite the potential damage that this type of cyber-attack could cause, nearly 75% of surveyed organisations who have not been infected by ransomware stated that they would never pay cyber criminals.

Yet, 65% of affected organisations have ended up paying the requested ransom. The average cost for an organisation is £540 but 1 in 5 businesses have paid more than £1,000.

Unfortunately, less than half of those organisations retrieve their blocked data after paying the ransom.

Be prepared

The effects of a cyber-attack are not just financial, as an organisation infected with malware may also suffer business interruptions and reputational damage. In fact, it takes an average of 33 hours to repair the damage caused by ransomware.

To ensure that your organisation is protected from ransomware, follow these simple best practices:

  • Provide all employees—from the directors and officers to the interns—with comprehensive data security training to ensure that they know how to identify and manage cyber security threats, such as suspicious email requests or webpage prompts.
  • Install security software on each computer in your organisation to detect and stop malware and viruses. In addition, you may want to consider drafting a non-work mobile device policy to minimise the potential of a data breach caused by an employee’s personal device.
  • Consider purchasing cyber liability insurance

How CLEAR can assist?

Our specialists can work with you to design a risk management programme supported by cyber liability insurance to provide protection for your cyber exposures. Contact your nearest office on:

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