Cohesity Reveals over 9 in 10 UK Firms Have Paid Ransoms Despite Alleged “No Pay” Stances | The …>
The Fintech Times –
Research from Cohesity reveals over 97% of UK firms have paid ransoms despite claiming “no pay” stances
83% of respondents said their company was victim of a ransomware attack from June-December 2022
95% predict cyberthreats to their industry will increase by over 50% in 2024
Key Findings
74% said data security risk has increased faster than data growth
Only 25% have full confidence in cyber resilience strategy
All respondents need over 24 hours to recover from an attack
97% said their company would pay a ransom, despite 94% having a “do not pay” policy
31% said senior management does not fully understand data security risks
Impacts
Brand/reputation damage, operational disruptions, revenue loss and stakeholder trust loss top concerns
Existing customers, security, IT and employees most impacted groups
Recommendations
Executive management accountability needed on data security
Adopt modern AI-powered data security and recovery solutions
Only 46% said government regulations drive data security initiatives
In summary, severe deficiencies found in ransomware resilience, recovery capabilities and executive accountability.
Despite claims otherwise, almost all firms pay ransoms.
Modern solutions and top-down commitment needed to address growing threats.
Link: https://thefintechtimes.com/cohesity-reveals-over-9-in-10-uk-firms-have-paid-ransoms-despite-alleged-no-pay-stances