Some 80% of businesses that choose to pay to regain access to their encrypted systems experience a subsequent ransomware attack, amongst which 46% believe it to be caused by the same attackers.
The majority of businesses that choose to pay to regain access to their encrypted systems experience a subsequent ransomware attack. And almost half of those that pay up say some or all their data retrieved were corrupted.
Some 80% of organisations that paid ransom demands experienced a second attack, of which 46% believed the subsequent ransomware to be caused by the same hackers. Amongst those that paid to regain access to their systems, 46% said at least some of their data was corrupted, according to a Cybereason survey released Wednesday. Conducted by Censuswide, the study polled 1,263 security professionals in seven markets worldwide, including 100 in Singapore, as well as respondents in Germany, France, the US, and UK.
Globally, 51% retrieved their encrypted systems without any data loss, while 3% said they did not regain access to any encrypted data. The report revealed that one particular organisation reportedly paid up a ransomware amount in the millions of dollars, only to be targeted for a second attack by the same attackers within a fortnight.
In Singapore, 90% experienced a second ransomware attack after paying up for the first ransom, with 28% regaining access to data that were corrupted. Some 73% admitted they lost revenue as a result of the attack, compared to the global average of 66%, while 40% saw their brand or reputation adversely affected, compared to 53% globally.
Some 37% of Singapore organisations that paid a ransomware forked out $140,000 to $1.4 million, and 5% paid ransom amounts of at least $1.4 million. Another 13% acknowledged having to lay off employees due to financial losses following an attack, while 20% were forced to close down.
Cybereason’s Asia-Pacific vice president Leslie Wong said: “Singapore businesses must understand that paying a ransom demand does not guarantee a successful recovery, does not prevent the attackers from hitting the victim organisation again, and in the end only exacerbates the problem by encouraging more attacks. Getting in front of the threat by adopting a prevention-first strategy for early detection will allow organisations to stop disruptive ransomware before they can hurt the business.”