Security News > 2021 > July > 54% of businesses now have a policy in place to deal with ransomware attacks
54% of businesses now have a defined policy in place to deal with ransomware attacks - whether this means paying a ransom, relying on insurance policies or refusing to pay at all, according to Databarracks.
A ransomware policy may differ 21% have a policy to never pay a ransom.
13% will pay if the ransom is covered by their cyber insurance policy.
"However, the fact almost a third don't have a policy of any kind is a significant gap. Of those that do, there's still a strong tendency either to pay the ransom if it's cost-effective to do so, or rely on cyber insurance policies to cover the financial hit."
"Further, there's no guarantee insurance policies will cover every claim: a Rusi think tank report has highlighted how the nascent cyber insurance industry has a lot to do to ensure policies are properly constructed and underwritten, and recommends insurers do more to incentivise good cyber practices among customers."
If your policy is not to pay, you must have alternatives you can rely on.
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