Most ransomware victims pay up, but many never recover their data

Most businesses that fall victim to a ransomware attack decide to pay criminals for their data, but many still end up empty-handed, according to a report from Veeam.

The backup, recovery and data management solutions provider recently surveyed 1,000 IT managers (CISOs, security professionals, backup administrators and IT operators) whose organizations suffered a ransomware attack.

The report revealed that 76% of the victims decided to pay, in order to recover their data as soon as possible. However, only 52% were able to recover their encrypted files, while the remaining 24% were left empty-handed. In other words, according to researchers, there is a one in three chance that despite paying the ransom, you still cannot recover your lost files.

Yearning for strong safeguards

Veeam noted that 19% of customers paid no ransom because they were able to recover their data from a backup, which the remaining 81% “must aspire to.”

In conclusion, the report states that businesses are not powerless against ransomware attacks and with good prevention and backup strategies, they can stay relatively safe.

Securing backups is also going to be a challenge, as 72% of organizations have experienced partial or full attacks on their backup repositories – and nearly all attackers have attempted to destroy backup repositories.

“Educate employees and ensure that they practice impeccable digital hygiene; conduct regular rigorous testing of your data protection solutions and protocols; and create detailed business continuity plans that prepare key stakeholders for worst-case scenarios,” advised Danny Allan, CTO of Veeam.

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However, before doing anything, companies need to keep their software up to date. Veeam says 80% of successful attacks targeted known vulnerabilities with malware, emphasizing the importance of patches and software upgrades.

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