Some 20pc of Irish businesses have fallen victim to ransomware attacks in the past year, where hackers have demanded payment for the return of sensitive data or access to their systems.
However, despite these attacks, 93pc of 137 senior IT decision makers in Irish businesses have said that they would never pay a ransom to hackers, according to a survey carried out by Data Solutions and TechPro.
The frightening truth is, however, they will probably inevitably pay up to regain access to their IT systems or avoid the fallout of sensitive data being leaked publicly.
Our recent report on the future of security pointed to research by Cisco that highlighted how, in 2015, cyberattacks continue to be a profitable business for cyber-criminals, who are refining the way they attack back-end infrastructure.
Last year, Cisco, with the help of Level 3 Threat Research and Limestone Networks, identified the largest Angler exploit kit operation in the US, which targeted 90,000 victims every day and generated tens of millions of dollars a year by demanding ransoms off victims. Cisco estimates that, currently, 9,515 users in the US are paying ransoms every month, amounting to an annual revenue of $34m for certain cybercrime gangs.
Firms fear adverse publicity and fines arising from a data breach
According to Data Solutions managing director Michael O’Hara, when faced with the reality of the situation and the inability to access their core IT systems, IT decision makers may have very little choice but to stump up. For the full article click here
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