FEATURE : DISASTER RECOVERY & BUSINESS CONTINUITY
do this by taking the right steps , educating staff on being vigilant on suspicious links and implementing security measures . Understanding the reasons behind organizations ’ willingness to comply with ransomware demands is crucial to addressing what the dangers are when business leaders surrender to meeting ransomware demands .
WITH THE RATE AND SPEED THAT ORGANIZATIONS ARE GETTING HACKED , IT IS TIME FOR ORGANIZATIONS TO STAND STRONG AGAINST HACKERS AND REFUSE PAYMENT .
The main reason is that many businesses are terrified of the reputational damage and concerns over data and monetary losses associated with being hacked .
While most organizations would have their data backed up , there is often only one copy made . Hackers know this , with 93 % of attacks almost exclusively aimed at backups , effectively holding crucial data hostage , according to the Veeam 2023 Ransomware Trends report .
Unfortunately , giving into ransom demands just does not guarantee data retrieval , but also may even incentivize hackers to launch subsequent extortion tactics .
The same report also highlighted that cyber insurance has been a popular option that some organizations turn to . However , with 77 % of ransom paid by insurance companies in the last year , the prices of premiums and deductibles have increased . This proves that insurance shouldn ’ t be relied on long-term to bail a business out of a ransomware attack . More importantly , cyber insurance does not protect a company from an incident and focuses more on the monetary value lost from an attack .
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