Security News > 2024 > February > Paying ransoms is becoming a cost of doing business for many

Today's pervasive cyberattacks are forcing the majority of companies to pay ransoms and break their 'do not pay' policies, with data recovery deficiencies compounding the problem, according to Cohesity.

All respondents said they need over 24 hours to recover data and restore business processes, and just 7% said their company could recover data and restore business processes within 1-3 days.

Unsurprisingly, 94% of respondents said their company would pay a ransom to recover data and restore business processes, while 5% said 'maybe, depending on the ransom amount.

67% said their company would be willing to pay over $3 million to recover data and restore business processes, with 35% of respondents saying their company would be willing to pay over $5 million.

"It is no surprise that the majority of companies have been hit by cyberattacks like ransomware. What is alarming is that 90% have paid a ransom, breaking their 'do not pay' policies, and most are willing to pay over $3 million in ransoms because they can't recover their data and restore business processes or do so fast enough," added Spanswick.

"To rapidly respond to cyberattacks, organizations need modern AI-powered data security and management solutions that protect their data, detect when it is under attack, and recover it as fast as possible to restore their business processes."

News URL

https://www.helpnetsecurity.com/2024/02/06/cyber-resilience-priority-for-organizations/