Paying the Ransomware Amount Often Doesn’t Get Businesses Their Data Back

Falling victim to a ransomware attack can be a real nightmare for business owners because of the fact that this is the sort of thing that could potentially end up restricting access to a lot of their vital data. Since the stakes are so high here, many businesses choose to pay the ransom in the hopes that this will give data access back to them, but in spite of the fact that this is the case many ransomware victims don’t get their data back even if they pay the ransom amount.

Veeam recently conducted a study that surveyed a thousand industry leaders in the field of IT, most of whom belonged to organizations that had suffered from such an attack in the recent past. Over three quarters of organizations that were targeted with ransomware attacks, or 76% to be precise, paid the ransom that was asked for them. With all of that having been said and now out of the way, it is important to note that only 52% had their data access returns, and 24% found that paying the ransom was pointless.

This study also revealed that 19% of organizations did not have to pay the ransom because they had reliable backups to revert to with all things having been considered and taken into account. The other 81% that did not think to create backups might want to take a leaf out of their book, because reliable backups can neutralize many of the threats that malicious actors might be trying to make.

Organizations need to be educated on the risks of ransomware attacks, and they in turn should educate their employees as well. The frequency of these attacks is rising, as are the ransom amounts that are being demanded. Insurance providers are also starting to refuse ransomware insurance, so the only way forward for organizations would be to come up with an effective mitigation strategy. That should include having backups on hand because paying the ransom can often be a poor solution that would only cost money and not allow them to make any headway.

Read next: Cybercriminals Are Utilizing The HTML Format In Order To Send Phishing Links To Unsuspecting Individuals Across The Internet
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