IBM Security this week revealed results from a study finding 70 percent of businesses infected with ransomware have paid ransom to regain access to business data and systems.
In comparison, over 50 percent of consumers surveyed said they would not pay to regain access back to personal data or devices (aside from financial data), according to the IBM X-Force study, “Ransomware: How Consumers and Businesses Value Their Data.”
Ransomware—an extortion technique used by cybercriminals where data on computers and other devices is encrypted and held for ransom until a specified amount of money is paid—was one of the leading cybersecurity threats in 2016 with the FBI estimating cybercriminals, in the first three months of this year, making a reported $209 million.
Demonstrating ransomware’s success with businesses, nearly one in two business executives surveyed have experienced ransomware attacks in the workplace. Overall, 25 percent of business executives said, depending upon the data type, they would be willing to pay between $20,000 and $50,000 to get access back to data.
“Cybercriminals have no boundaries when it comes to their targets,” said Limor Kessem, Executive Security Advisor, IBM Security and the report’s author.