In the world of cybercrime, few experiences are as frustrating as paying a ransom to recover stolen data only to remain empty-handed. This stark reality is highlighted in the issue of ransomware data recovery where recent studies reveal that 1/3 of ransomware victims did not recover data even after paying up. For individuals and businesses, the pain of losing access to their own data, coupled with the financial loss from futile payments, underscores the profound impact of these malicious attacks.
The number comes from Veeam’s 2024 Ransomware Trends Report, which surveyed 1,200 CISOs and others who had been hit with a ransomware attack in 2023.
The survey from the data back-up and security company also revealed that a substantial number of enterprises hit by ransomware last year decided not to use their insurance to pay the ransoms. “86% could have used insurance to cover the cost — however, only 65% chose to do so. The other 21% chose to not use their insurance, paying the ransom without making a claim,” according to the report.
The Aftermath Of Attacks
Perhaps more surprising, over half the surveyed companies admitted significant problems in the coordination between their cybersecurity and back-up teams — not a good problem to recognize only after an attack. The survey also confirmed what you’d expect — ransomware attacks take a toll on employees. “Respondents to this survey reported that the ransomware attack affected their individual roles, as attacks contribute to increased workload and stress levels, decreased worklife balance, a lessened sense of job security, and an overall feeling of burnout.” See details on this impact of ransomware in our related story.
This cautionary tale about ransomware data recovery payments is another reminder that cybersecurity is a perishable state. This troubling reality underscores the need for robust cybersecurity measures and a reevaluation of strategies for handling such breaches, emphasizing the critical importance of prevention over reaction in the ongoing battle against cybercrime. Vigilance is your ally.
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