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Ransomware: should you pay the ransom ? These leaders have decided

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Whether or not to pay or the ransom in the event of a ransomware attack? This question bothers many entrepreneurs. A study by the cybersecurity company Coverware looked into the subject, and it revealed some real surprises.

More and more companies refuse to pay

We observe that only 29% of victims of these cyberattacks chose to grant hackers' requests in the fourth quarter of 2023. This figure does not tell us anything in itself, but we must compare it with the data from the first quarter of 2019 where 85% of business leaders indicated having paid the ransom.

How to explain such a turnaround ? Some leaders were undoubtedly made aware of the fact that by agreeing to pay, they risked being subjected to repeated attacks from these malicious actors.

Little by little, practices are improving within companies, and data backup is increasingly practiced. From then on, the impact of ransomware becomes less dramatic than in the past, and companies can recover their information more easily.

A difficult choice for entrepreneurs< /h2>

However, the concern is far from having disappeared, and this figure of 29% remains very high. Faced with this risk, researcher Michael Parent from Simon Fraser University in Canada proposed a very interesting analysis in 2022.

The expert indicates that there is no simple answer to this question. Organizations must therefore weigh the commercial issue to be taken into account. If you agree to pay, a study concluded that you will recover your data in 70% of cases. This is essential for certain companies which risk going out of business. But we must also take into account the negative impact in terms of image for the company if the payment of the ransom is made public.

It is therefore necessary to carry out a cost/benefit calculation in order to determine whether the value of the stolen information justifies the amount to be paid. Note that the authorities strongly advise against paying these ransoms which maintain cybercriminal networks and only reinforce their power of harm. You can always reread our article on this subject here.

What to remember:

  • Companies are paying less and less the ransoms demanded by cybercriminals
  • Societies are better prepared, in particular because they back up their data
  • The risks still remain very significant

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Teilor Stone

By Teilor Stone

Teilor Stone has been a reporter on the news desk since 2013. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining Thesaxon , Teilor Stone worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my teilor@nizhtimes.com 1-800-268-7116