Sophos, a next-generation cybersecurity firm has warned victims of cyberattacks to be mindful of paying ransom as paying cybercriminals to restore data encrypted during a ransomware attack is not an easy and inexpensive path to recovery, stressing that the total cost of recovery almost doubles when organizations pay a ransom.
Announcing the findings of its global survey titled ‘The State of Ransomware 2020’, where 5,000 IT decision-makers in organizations in 26 countries across six continents, including Europe, the Americas, Asia-Pacific and central Asia, the Middle East, and Africa were surveyed, Sophos stated that the average cost of recovery is $1.4 million if organizations pay the ransom, but $730,000 if they don’t pay.
The survey reveals that more than half (51%) of organizations had experienced a significant ransomware attack in the previous 12 months, compared to 54 percent in 2017. In Nigeria, 53 percent of the organizations surveyed mentioned a ransomware attack in the last year.
Globally, Data was encrypted in nearly three quarters (73%) of attacks that successfully breached an organization, while in Nigeria, it was 74 percent. The average cost of addressing the impact of such an attack, including business downtime, lost orders, operational costs, and more, but not including the ransom, was more than $730,000.
This average cost rose to $1.4 million, almost twice as much, when organizations paid the ransom. More than one quarter (27%) of organizations hit by ransomware admitted paying the ransom. The survey also revealed 38 percent of the organizations that were attacked in Nigeria admitted to paying the ransom.
“Organizations may feel intense pressure to pay the ransom to avoid damaging downtime. On the face of it, paying the ransom appears to be an effective way of getting data restored, but this is illusory. Sophos’ findings show that paying the ransom makes little difference to the recovery burden in terms of time and cost. This could be because it is unlikely that a single magical decryption key is all that’s needed to recover. Often, the attackers may share several keys and using them to restore data may be a complex and time-consuming affair,” said Chester Wisniewski, principal research scientist, Sophos.
More than half (56%) of the IT managers surveyed were able to recover their data from backups without paying the ransom compared to 40 percent in Nigeria. Globally in a very small minority of cases (1%), paying the ransom did not lead to the recovery of data while in Nigeria it was in 10percent cases. This figure rose to 5 percent for public sector organizations. In fact, 13% of the public sector organizations surveyed never managed to restore their encrypted data, compared to 6percent overall.
However, contrary to popular belief, the public sector was least affected by ransomware, with just 45 percent of the organizations surveyed in this category saying they were hit by a significant attack in the previous year. At a global level, media, leisure and entertainment businesses in the private sector were most affected by ransomware, with 60% of respondents reporting attacks.