Cybersecurity: Ransomware – to pay or not to pay?

It’s important that this number rises as remote working becomes more prolific.”>Around 39% of respondents claimed they were aware of ransomware. It’s important that this number rises as remote working becomes more prolific.

More than half (56%) of ransomware victims paid the ransom to restore access to their data last year, according to a global study of 15,000 consumers conducted by IT security company Kaspersky. Yet for 17% of those, paying the ransom did not guarantee the return of stolen data. However, as public awareness of potential cyberthreats grows there is reason for optimism in the fight against ransomware.

Ransomware is a type of malware which criminals use to extort money. It holds data to ransom using encryption or by locking users out of their device. Kaspersky’s report, Consumer appetite versus action: The state of data privacy amid growing digital dependency, found that, for around a quarter of respondents (26%), the estimated money loss was less than $100, but for 9%, totals reached between $2,000 and $4,999.

The percentage of victims that paid the ransom to restore access to their data last year was highest among those aged 35-44; with two-thirds (65%) admitting to paying. This compares to just over half (52%) of those aged 16-24 and only 11% of those over the age of 55, showing that younger users are more likely to pay a ransom than those over 55.

Whether they paid or not, only 29% of victims were able to restore all their encrypted or blocked files following an attack. Half (50%) lost at least some files, 32% lost a significant amount, and 18% lost a small number of files. Meanwhile, 13% who did experience such an incident lost almost all their data.

“This data shows we have seen a significant proportion of consumers paying a ransom for their data over the past 12 months. But handing over money doesn’t guarantee the return of data, and only encourages cybercriminals to continue the practice. Therefore, we recommend that those affected by ransomware do not pay as that money supports this scheme to thrive,” says Marina Titova, head of consumer product marketing at Kaspersky. “Instead consumers should make sure to invest in initial protection and security for their devices and regularly back up all data. This will make the attack itself less appealing or lucrative to cybercriminals, reducing the use of the practice, and presenting a safer future for web users.”

Around 39% of respondents claimed they were aware of ransomware. It’s important that this number rises as remote working becomes more prolific.

SIX STEPS TO STAY SAFE

• Do not pay the ransom if a device has been locked. Paying ransoms only encourages cybercriminals to continue their practice. Instead, contact your local law enforcement agency and report the attack
• Try to find out the name of the ransomware Trojan. This information can help cybersecurity experts decrypt the threat and retain access to your files.
• Avoid clicking links in spam emails or on unfamiliar websites and do not open email attachments from senders you do not trust
• Never insert USBs or other removable storage devices into your computer if you do not know where they came from
• Backup your devices so your data will remain safe if you do experience a ransomware attack
• Protect your PC from ransom-ware with a comprehensive internet security solution