Most business leaders say they would just pay up if hit by a cyberattack

ID theft
Image credit: Pixabay (Image credit: Future)

If hit by a ransomware attack, nearly all business leaders say they would just pay the ransom just to get their data back as soon as possible.

A report from Kaspersky surveying 900 respondents across the world, working in senior non-IT management roles (CEOs, VPs, Directors) found that among previous ransomware victims, 88% of respondents would choose to pay the ransom, rising up to 97% among those who paid the ransom already before.

At the same time, just two-thirds (67%) of those who hadn’t been targeted by ransomware in the past, would pay up. 

Share your thoughts on Cybersecurity and get a free copy of the Hacker's Manual 2022end of this survey

Share your thoughts on Cybersecurity and get a free copy of the Hacker's Manual 2022. Help us find how businesses are preparing for the post-Covid world and the implications of these activities on their cybersecurity plans. Enter your email at the end of this survey to get the bookazine, worth $10.99/£10.99.

Common occurrence

Companies that were targeted in the past didn’t demonstrate much patience, either. A third (33%) would pay the ransom demand as soon as possible (compared to 15% of non-victims), with another third (30%) doing so after only a few days, and a few unsuccessful attempts at decryption (compared to 19% of non-victims). 

Ransomware is an extremely widespread type of cyberattack. Almost two-thirds (64%) experienced such an attack in the past, and 66% expect it to happen sooner, rather than later. What’s more, the respondents see ransomware attacks as more likely to happen than DDoS attacks, cryptomining, or APT.

Security researchers, and law enforcement alike, are urging organizations not to pay the ransom. Not only is that no guarantee they’ll get their data back, but it also incentivizes threat actors to continue attacking. Many firms get attacked multiple times - sometimes by the same threat actors, sometimes by different groups.

Instead, businesses should focus on prevention (employee training, multi-factor authentication mandate, zero-trust network access, firewalls, antivirus solutions, updating software on all endpoints, etc.), and frequently refreshed backups. 

Ever since the attacks against Colonial Pipeline, and JBS, ransomware has been classified as a threat to national security in some countries. 

Sead is a seasoned freelance journalist based in Sarajevo, Bosnia and Herzegovina. He writes about IT (cloud, IoT, 5G, VPN) and cybersecurity (ransomware, data breaches, laws and regulations). In his career, spanning more than a decade, he’s written for numerous media outlets, including Al Jazeera Balkans. He’s also held several modules on content writing for Represent Communications.

Read more
A laptop with a red screen with a white skull on it with the message: "RANSOMWARE. All your files are encrypted."
Bad news - businesses who pay ransomware attackers aren’t very likely to get their data back
Ransomware
Ransomware defenses are being weakened by outdated backup technology, limited backup data encryption, and failed data backups
Representational image of a cybercriminal
Should ransomware payments be illegal?
A laptop with a red screen with a white skull on it with the message: "RANSOMWARE. All your files are encrypted."
Less than half of ransomware incidents end in payment - but you should still be on your guard
A computer being guarded by cybersecurity.
The impact of the cyber insurance industry in resilience against ransomware
Hack The Box crisis simulation event
“Everyone will experience a hack” - how incident response can protect your organization
Latest in Security
Image depicting hands typing on a keyboard, with phishing hooks holding files, passwords and credit cards.
Microsoft warns about a new phishing campaign impersonating Booking.com
Computer Hacked, System Error, Virus, Cyber attack, Malware Concept. Danger Symbol
Meta warns of worrying security flaw hitting open source type software
Data leak
Hacked Tata Technologies data leaked by ransomware gang
A close-up photo of an iPhone, with the App Store icon prominent in the center of the image.
Thousands of iOS apps found to expose user data and leak Stripe keys
China
Chinese hackers targeting Juniper Networks routers, so patch now
Google Chrome dark mode
Google updates Chrome extension rules to ban affiliate link injection without user action or benefit
Latest in News
NordicTrack Ultra 1
The new NordicTrack Ultra 1 treadmill looks like it was designed by an architect and costs $15,000
An Nvidia GeForce RTX 5070
Nvidia RTX 5080 stock is so barren that retailers are holding competitions where you can "win" the right to buy one for MSRP
Assassin's Creed Shadows
Ubisoft shareholder accuses publisher of 'misleading investors', plans protest outside Paris HQ
Google Gemini AI logo on a smartphone with Google background
I made an AI version of Bilbo Baggins using Goggle Gemini for free, and shared a pipe with him outside Bag End – here’s what you can now do with Gems
Nicole Kidman wears a blue blouse with her arms crossed.
Netflix might be renewing The Perfect Couple and Beauty in Black for season 2, but I don’t get why when it’s canceled shows with poorer ratings
The Russo brothers posing for a photograph and Herman carrying a Volkswagen camper van in The Electric State
'We're optimists': AI enthusiasts Joe and Anthony Russo defend its use in movies and TV shows, but admit there are 'very real dangers' around its application