Home News 67% Victims Paid Ransom to Recover Encrypted Data: Cyberthreat Defense Report

67% Victims Paid Ransom to Recover Encrypted Data: Cyberthreat Defense Report

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Ransomware Resolve: University of Utah Pays $457K to Restore Data
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Hackers are more encouraged than ever, and the number of ransomware attacks is increasing. That’s because more victims are willing to pay the ransom to recover their encrypted data, new research shows.

According to Cyberthreat Defense Report (CDR) from the security firm CyberEdge Group, only 49% of ransom payers recovered their data in 2018, which rose to 61% in 2019. At present, around 67% of ransomware victims have reported that they’ve recovered their encrypted data by paying ransom.

The report also found an increase in ransomware victims who are willing to pay hackers’ demands to recover their data. It stated that 39% of ransomware victims actually paid ransom in 2018, which rose to 45% in 2019. Today, a startling 58% of ransomware victimized companies have paid ransoms.

It also revealed that data recovery rates for ransom payers have increased, which in turn stimulated ransomware attacks. The report said that, in 2019, 56% of organizations were affected by ransomware attacks, which are now increased to 62%.

Steve Piper, Founder and CEO of CyberEdge Group, said, “This year, both good news and bad news are stimulating growth of the multi-billion-dollar ransomware industry. To combat ransomware and other threats, I advise IT security organizations to invest wisely in products that continuously discover and patch vulnerabilities, uncover advanced threats using machine learning and artificial intelligence, and continuously back up their data everywhere. I also recommend organizations invest more in their people, including training and certification for IT security personnel and ongoing security awareness training for all employees. Never underestimate the value of the human firewall.”

New Bill to Ban Ransomware Payments

Recently, two senators of New York, Republican NY Senator Phil Boyle and Democrat NY Senator David Carlucci, proposed two bills to ban government agencies and local municipalities from using public money for paying ransomware to cybercriminals. Apart from ransomware payments, the proposed bills also recommended the creation of a state fund to aid government entities improve their cybersecurity capabilities. Several industry experts opined that this is the first time the state authorities have proposed a law that bans paying the ransom.

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