Only 7% of ransomware-hit organizations around the world were able to recover all their stolen data after paying the ransoms sought by their attackers, according to Cybernews.
Moreover, data leaks have been experienced by 10% of paying firms, a poll from Anglo-Bermudan cyberinsurance provider Hiscox found. Aside from aiming to ensure the safety of their customers' data, organizations reported paying demanded ransoms to circumvent reputational damage, with more surveyed entities noting greater challenges in expanding their customer base, as well as customer and business partner loss, due to cyberattacks during the past year. Organizations have been urged by the insurer to strengthen their cybersecurity posture by improving employee security awareness programs, replacing outdated systems, and performing regular data backups. "Inadequate cybersecurity can deter potential partners and investors while attracting regulatory scrutiny. This can trigger a ripple effect that impacts revenue and growth," said Hiscox Group Chief Information Security Officer Eddie Lamb.
