Cyber attack ransomware – second best solution

In contrast to other forms of cyber attack, ransomware attacks appear to have a relatively straightforward resolution: pay the attackers the requested ransom. One in five German businesses had to make this call last year. Hiscox Cyber Readiness Report 2022 research shows that only slightly more than half of the firms worldwide that paid a ransom were able to fully recover their data, suggesting that this „solution“ is often a dead end.
34% were only partially successful in reconstructing their data, while 15% were unable to do so at all. The average ransom paid by a German company is roughly 46,000 Euros, making it the most sum paid by any country. „The math seems straightforward: information may be obtained for payment. There seems to be a lot in favor of paying the ransom immediately in order to avoid days of business delays „according to Gisa Kimmerle, Head of Cyber at Hiscox Germany.
„However, our Cyber Readiness Report data demonstrates conclusively that paying ransom is risky business. However, even after recovering their data, just under half of the organizations who paid had to start from scratch and rebuild their systems. So, in our opinion, it’s best not to pay hackers. Instead of becoming subject to blackmail in the first place, businesses should increase cyber resilience through timely security updates, awareness measures for staff, and ransomware-proof backups. Cyber insurance makes a lot of sense for the remaining risk, as businesses will be helpless in the face of a cyber assault without a dependable partner who can provide assistance in areas like as IT security, data protection, and crisis PR. Therefore, high-quality assistance services must be a foundational component of any cyber coverage designed for the long haul.“