Survey: Most companies don’t budget for ransomware attacks

ransomware

Based on the prevalence of the scam, some security experts have called 2016 “the year of ransomware,” yet a new survey shows most businesses don’t budget extra funds to regain access after a ransomeware attack.

The survey, conducted by data security firm IDT911, found that 65 percent of respondents currently do not, nor plan to, budget extra funds to regain access and 52 percent do not have cyber insurance.

Despite a lack of resources dedicated to mitigating these attacks, 30 percent of business owners said they couldn’t go without access to critical business systems for any period of time. The survey found that 60 percent said they would immediately report the attack of law enforcement authorities.

IDT911 cites several statistics to point on how these attacks have become increasingly common. The FBI’s Internet Crime Compliant Center reported 2,453 ransomware complaints were received in 2015, resulting in victims spending more than 24 million dollars. Since the first of the year, Symantec Security Response has witnessed an average of 4,000 ransomware attacks per day — a 300 percent increase from last year.

“Training alone isn’t enough, cyber insurance alone isn’t enough and, sure as heck, backed-up data alone isn’t enough,” said Adam Levin, founder and chairman of IDT911, in a statement. “We’re talking about complete and utter paralysis of systems that could spell lost revenue, viciously impacted customers and a potential near-extinction level event for a business. Businesses need a comprehensive cyber security strategy that includes prevention, monitoring and damage control.”

[ Image courtesy of Christiaan Colen via flickr ]

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