Canadian Companies More Likely To Pay Ransomware Demands
The following findings were the Canadian portion of a study of 540 respondents in 4 countries, and it seems Canadians were more likely to pay ransomware demands. The study was undertaken by Osterman Research, published by Malware Bytes and reported on by Profit Guide.
In this small study of 125 Canadian respondents:
- 44 had a ransomware infection
- 33 paid a ransom between $1,000 – $50,000
- 11 shut down their business to deal with the infection and effects
- 5 were in healthcare, an industry which cyber security analysts speculate will see a rise in attacks in 2017, which we touch on in this post on how to reduce your risk of ransomware here
Many businesses don’t have adequate data backup and are forced to pay ransom to retrieve their files.
Other organizations have backup setup, however it is attached to their computer network and some variants of ransomware can locate and encrypt such backup files, leaving victims without any files to recover data from.
Kaspersky studies have shown the average cost of network breach to be $38,000. By comparison, the cost of IT Security improvements to greatly reduce risk for small business are only $2,000 – $6,000. In 2016-2017, small business owners and small nonprofit boards should hire professional help to undertake network security audits and improvements. Teams without an in house IT employee should also consider Managed IT Services for ongoing prevention and support.
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Please call our team here at TUCU tech u can use at (416)292-3300 or send us an email now. We have been helping small business owners with IT solutions since 2003 and we are happy to help you as well.