Should I Pay The Ransom After A Ransomware Attack?
Veeam News, Monday, June 12,2023
Paying the ransom during a cyberattack and having the ability to recover the data are often top of mind for many organizations after they've been hit by a ransomware attack.
Here are the latest statistics on these trends from the 2023 Ransomware Trends Report that Veeam released in May 2023. This report covers topics on paying ransom and insurance practices including:
- What effect has the ransomware epidemic had on cyber insurance coverage?
- Were organizations able to recover their data?
- How many organizations paid a ransom? Was insurance part of that payment?
The research shows that 80% of organizations who fell victim to ransomware paid the ransom, with 77% of those who paid relying on insurance policies to cover the payment. It's clear that the ransomware epidemic is changing the insurance market: 74% of respondents saw increased premiums in 2022, and 10% of respondents saw their coverage benefits reduced. The tightening cyber insurance market is driving customer behaviors as well, with 18% of respondents whose organization paid a ransom choosing not to use their insurance policy to do so.