Companies that pay ransomware attackers get thumbs down from consumers

Greater than half of these surveyed by information administration agency Cohesity mentioned that corporations that pay the ransom in an assault encourage ransomware and dangerous actors.

ransomware cybercrime

Picture: Shutterstock/Vchal

One of many largest questions confronted by a company hit by ransomware is whether or not to pay the ransom. Many do pay just because they really feel it is the quickest and easiest method of getting again to enterprise. However that technique is just not one favored by many customers, a few of whom would keep away from an organization that is not solely victimized by ransomware however finally ends up paying the ransom.

SEE: Ransomware: A cheat sheet for professionals (TechRepublic)  

Survey outcomes launched Monday by information administration agency Cohesity reveal how customers really feel about organizations that endure a ransomware assault. Commissioned by Cohesity and carried out by Propeller Insights in August 2021, the survey elicited responses from greater than 1,000 U.S. customers between the ages of 18 by way of 75, and older, all of whom have heard of ransomware.

Among the many respondents, 81% mentioned they have been aware of the current ransomware assaults on Colonial Pipeline, JBS Holdings, Kaseya, SolarWinds and U.S. hospitals.

Some 22% mentioned that an organization with which they do enterprise had been hit by ransomware, whereas 21% imagine their very own firm had been harm by an assault. These surveyed pointed to authorities, monetary companies and insurance coverage, oil and power, healthcare and pharmaceutical, and know-how as the highest industries most susceptible to ransomware.

Some 40% of the respondents, mentioned they suppose that organizations hit by ransomware shouldn’t pay the ransom. Greater than half of these surveyed mentioned that corporations that do pay the ransom encourage extra ransomware and cybercriminals. And 43% imagine that ransom funds improve the costs customers pay for items and companies.

A company that pays a ransom dangers a foul status with customers. Some 23% of these surveyed mentioned they’d cease doing enterprise with an organization that paid a ransom. Additional 48% could not say whether or not or not they’d cease doing enterprise however indicated this as an excellent concern and would give it numerous thought.

SEE: Ransomware assault: Why a small enterprise paid the $150,000 ransom (TechRepublic) 

Shoppers naturally would lose confidence in an organization impacted by ransomware for a number of causes. Some 55% mentioned they’d lose confidence because of the firm’s lack of correct safety and information administration. Some 54% would lose confidence if their very own information have been compromised. And 29% mentioned they’d lose confidence if the assault entailed some inconvenience for them personally.

Additional, 47% of these surveyed mentioned they’d lose confidence if the corporate weren’t forthcoming concerning the assault, whereas 22% would lose confidence if the corporate paid the ransom.

“Ransomware assaults are so prevalent that they’re now a part of our collective consciousness,” Cohesity CISO Brian Spanswick mentioned in a press launch. “And our analysis signifies that when companies pay the ransom, they run the danger of shedding shopper confidence and prompting folks to take their enterprise elsewhere.”

Shoppers additionally imagine organizations are failing to successfully fight ransomware assaults. Among the many respondents, 42% mentioned it was unlikely that corporations are doing sufficient to guard their information. Towards that finish, 61% mentioned they really feel corporations ought to frequently check their programs for threats, and 59% mentioned they need to implement correct safety software program.

Some 47% imagine corporations ought to allow multi-factor authentication, whereas 39% suppose they need to require stronger passwords. Lastly, greater than half mentioned that organizations ought to undertake extra superior information administration processes to higher defend information and reply to potential threats.

“No group is immune from ransomware assaults,” Spanswick mentioned. “However enterprises that implement trendy safety and next-gen information administration methods and might rapidly get better if they’re attacked—with out having to pay the ransom—are those that may win favor with customers over these that may’t.”

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