Survey: 30% of companies would pay ransom to cybercriminals

It looks like at least 30% of companies would pay a ransom if compromised by cybercriminals.

Published Thu, Apr 2 2015 3:24 AM CDT   |   Updated Tue, Nov 3 2020 12:08 PM CST

Employees infected with ransomware often panic and paying a ransom to the cybercriminals typically is easier than trying to restore files. The problem is a tad bit more complicated, because criminals are hacking files and forcing companies to choose between paying or suffering a data breach. Thirty percent of organizations would pay or negotiate a release of encrypted data, according to ThreatTrack.

Survey: 30% of companies would pay ransom to cybercriminals | TweakTown.com

Interestingly, that number goes up to 55 percent for companies that have suffered a similar incident in the past - revealing the need for proper employee education.

It's unknown how many companies actually suffer an extortion scheme, with many companies likely not reporting issues to the public or to law enforcement, said Stuart Itkin, SVP of ThreatTrack. Cyber extortionists are becoming better skilled, so trying to figure out how to negotiate with them is a struggle.

Most ransomware infections tend to occur when an employee opens a malicious file using a phishing or spear-fishing tactic. However, the release of personal data of employees and customers leads to possible extortion, so companies are anxious to resolve problems quickly and quietly.

An experienced tech journalist and marketing specialist, Michael joins TweakTown looking to cover everything from consumer electronics to enterprise cloud technology. A former Staff Writer at DailyTech, Michael is now the West Coast News Editor and will contribute news stories on a daily basis. In addition to contributing here, Michael also runs his own tech blog, AlamedaTech.com, while he looks to remain busy in the tech world.

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