Over Half Of Attacked Companies Pay Ransoms: Survey

Criminal hiding behind a mask turns up on computer screen asking the owner for money. Concept of phishing and ransomware, where the computer has all files on the hard drive encrypted and the victims need to pay a ransom in order to get their files unlocked.

Written by: Jay H.

Ransomware is a massive threat Canadian businesses face. In fact, 25 percent of Canadian businesses reported experiencing a cyberattack in 2021, with successful data breaches costing an average of $6.75M. A new survey from NoviPro uncovers the worsening ransomware situation impacting Canadian organizations.

Employees Remain The Biggest Liability

Employees once again represent the greatest risk to an organization’s cybersecurity, highlighting just how important routine cybersecurity training is. The respondents admitted that internal threats caused most (53 percent) of cyberattacks. Of these attacks, 31 percent were of malicious intent, and 22 percent resulted unintentionally. Despite this alarming statistic, the percentage of companies providing cybersecurity training is declining, with only 40 percent of respondents planning on providing cybersecurity training in the next year. Cybersecurity awareness training clearly needs to become a priority for all companies in order to combat this evolving threat.

Over Half Paid Ransoms

Another major finding of the study was that over half of the organizations hit by ransomware paid the ransom demanded by cybercriminals. Of the companies that paid a ransom, one-third enlisted the help of a negotiator, while 23 percent handled the situation without a third party. These paid ransoms represent massive losses for the firms, with the average cost of a data breach in Canada being $6.75 million per incident! Many businesses, unfortunately, cannot recover after such an attack and are forced to close their doors.

Start Taking Cybersecurity Seriously

Despite growing concerns about cyberattacks, most Canadian businesses are complacent about their cybersecurity. Fifty-nine percent of companies handle sensitive employee information, such as confidential information, credit card numbers, and social insurance numbers. Should your company fall victim to a data breach, you could suffer not only significant monetary losses but damaged customer trust and reputation. It’s not a matter of if your company will suffer an attack – it’s when.

Partnering with a managed IT service provider like Design2Web IT is one of the best measures an organization can take to combat cyberthreats. Our managed IT services ensure your business is protected against major threats such as ransomware. In the event of a breach, our backup and recovery services quickly restore operations, getting your business back online quickly. To learn more about how our IT services can protect your organization, please contact us today for a free consultation.

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