Business

Cyber threat: Report warns organisations against frequent ransomeware attacks

APPREHENSION
Ransomware has become a serious threat to corporations with new samples regularly emerging’

 

A new report by Kaspersky has revealed that in 88 per cent of organisations previously attacked by ransomware, business leaders would choose to pay a ransom if faced with another attack.

Across organisations that have yet to be victimised, the report – “How business executives perceive ransomware threat” – notes that only 67 per cent would be willing to pay, and they would be less inclined to do so immediately.

 

While ransomware remains a prominent threat, with two-thirds (64 per cent) of compa  nies already having suffered an attack, paying ransome seems to be perceived by executives as a reliable way of addressing the issue.

 

Africa Business Communities reports that ransomware has become something of a buzzword in the corporate world, with large attacks on enterprises appearing in headlines week after week and the number of attacks using ransomware almost doubling in 2021 alone.

These statistics raise the question of how businesses will react in the event of an attack and what their attitudes towards paying ransome to the criminals behind them will be.

According to the global report, if an organisation has been the victim of ransomware in the past, they are increasingly likely to pay a ransome in the event of a new attack (88 per cent).

These companies are also more inclined to pay as soon as possible to get immediate access to their data (33 per cent of previously attacked companies versus 15 per cent of companies that have never been victimised), or to pay after only a couple of days of unsuccessful decrypting attempts (30 per cent vs. 19 per cent).

Business leaders within organisations that have previously paid a ransome seem to believe that this is the most effective way to get their data back with 97 per cent of them willing to do this again.

This willingness for companies to pay could be attributed to having little awareness of how to respond to such threats, or to the length of time it takes to restore data, as businesses can lose more money waiting for data restorations than they would paying the ransome.

 

 

Ransomware remains a real threat to cybersecurity. Two-thirds (64 per cent) of companies confirm they have experienced this type of incident and 66 per cent anticipate that an attack on their business will happen at some stage, viewing it as more likely than other common attack types such as DDoS, supply-chain, APT, cryptomining or cyber-espionage.

 

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