New research from Cohesity suggests that the number of ransomware attacks and the victim's willingness to pay in the UK is rising. As a result, threat actors are encouraged to conduct further attacks.
The Global Cyber Resilience Report 2024, which is based on responses from over 3100 IT and security decision-makers across eight countries and multiple sectors, revealed that 53% of UK respondents had fallen victim to ransomware in the past year, up from 38% in the 2023 report.
A total of 59% admitted to paying a ransom, and 74% stated that they would do the same if targeted by ransomware actors. Surprisingly, despite clear anti-ransomware payment policies in 66% of UK organisations, only 7% ruled out paying. The findings are mirrored globally, with 67% of respondents worldwide reporting being targeted by ransomware in the previous 12 months, with 83% indicating they would pay. In the UK, the average ransom payment was £870,000, with some organisations admitting to paying between £10m and £20m. Globally, 5% of respondents acknowledged paying over £10m.
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