Ransomware Study Shows Half Oz Biz Hit – Pay-Offs Double Cost
SYDNEY: Cybersecurity vendor Sophos has revealed the findings of its global survey, The State of Ransomware 2020, which shows paying cybercriminals to restore data can double the cost.
The survey found that almost half (48pc) of Australian organisations had experienced a ransomware attack in the previous 12 months.
Data was encrypted in 81 percent of attacks that successfully breached an organisation.
The average global cost of addressing the impact of such an attack, including business downtime, lost orders, operational costs, and more, but not including the ransom, was US$730,000.
This rose to US$1.4 million, almost twice as much, when organisations paid the ransom.
“Sophos’s findings show that paying the ransom makes little difference to the recovery burden in terms of time and cost,” said Chester Wisniewski, principal research scientist at Sophos.