Businesses More Likely To Pay Cyber Ransoms
Almost one-in-three Australian and New Zealand businesses and organisations who fell victim to ransomware attacks in the past two years paid off the cybercriminals.
The research of more than 150 Australian and New Zealand organisations, found it cost an average of $50,000 in ransom payments for individual businesses to regain access to their data.
And although many businesses did NOT believe they’d ever agree to ransom demands, the reality, when confronted with a cyber-attack, was very different.
Faced with the prospect of either halting operations until data could
be restored or paying cybercriminals to have their data returned, a substantial number of businesses (29%) thought they had no choice but to pay those holding their data hostage.
The research findings are supported by the Australian Cybersecurity Centre’s latest Annual Cyberthreat Report which says over the past year, ransomware has become one of the most significant cyber threats facing the operation of private sector organisations.
Apart from paying ransoms, affected businesses report other substantial financial costs including time and money spent on data recovery and absorbing the impact of lost productivity and revenue.
Total losses to Australian businesses were estimated to top over $1billion last year.
Best Insurance Are Back Ups
A secure backup strategy is the best insurance policy businesses can have against costly ransomware attacks.
Think Technology Australia specialises in data protection solutions for small and medium businesses.
Scheduled backups occur automatically, and replicate backups are made in the cloud. Data can be recovered quickly from multiple points in time, and cloud virtualisation is used to spin up lost servers, getting back to business in minutes, not days.
No matter where you are, you can recover files and folders from any protected server or workstation, from any point in time.