DataBreaches.Net

Menu
  • About
  • Breach Notification Laws
  • Privacy Policy
  • Transparency Report
Menu

Paying the Ransom in Response to a Ransomware Attack can Sometimes Backfire

Posted on December 3, 2022 by Dissent

Nolan Goldberg and Margaret Ukwu of Proskauer write:

A new study by Hiscox, a privacy and cyber security insurance company, sheds light on additional practical concerns that should be taken into account in that balancing of potential risks and benefits.

Hiscox released its sixth annual Cyber Readiness Report 2022.  In it, Hiscox raises a number of interesting findings:

  • Ransomware attacks have risen approximately 19%, which is up from 16% from last year.
  • Approximately 60% of surveyed companies paid a ransom in response to a successful ransomware attack.
  • Of the companies that paid a ransom, approximately half of those ultimately paid ransoms on multiple occasions after suffering additional successful attacks.
  • In the United States specifically, the number of ransomware attacks have stayed generally the same from 2021 to 2022, but the amount paid has increased. More victims paid attackers the ransom amount this year than last.
  • Only 59% of companies that paid the ransom successfully recovered their data.
  • 29% of companies who paid the ransom still had their data leaked.

Read more at Proskauer on Privacy.

Related posts:

  • Kept in the Dark — Meet the Hired Guns Who Make Sure School Cyberattacks Stay Hidden
Category: Commentaries and AnalysesOf Note

Post navigation

← VA admits to improperly disclosing COVID-19 vaccine data for 500,000 staff
Important CoinTracker security update →

Now more than ever

"Stand with Ukraine:" above raised hands. The illustration is in blue and yellow, the colors of Ukraine's flag.

Search

Browse by Categories

Recent Posts

  • Texas Centers for Infectious Disease Associates Notifies Individuals of Data Breach in 2024
  • Battlefords Union Hospitals notifies patients of employee snooping in their records
  • Alert: Scattered Spider has added North American airline and transportation organizations to their target list
  • Northern Light Health patients affected by security incident at Compumedics; 10 healthcare entities affected
  • Privacy commissioner reviewing reported Ontario Health atHome data breach
  • CMS warns Medicare providers of fraud scheme
  • Ex-student charged with wave of cyber attacks on Sydney uni
  • Detaining Hackers Before the Crime? Tamil Nadu’s Supreme Court Approves Preventive Custody for Cyber Offenders
  • Potential Cyberattack Scrambles Columbia University Computer Systems
  • 222,000 customer records allegedly from Manhattan Parking Group leaked

No, You Can’t Buy a Post or an Interview

This site does not accept sponsored posts or link-back arrangements. Inquiries about either are ignored.

And despite what some trolls may try to claim: DataBreaches has never accepted even one dime to interview or report on anyone. Nor will DataBreaches ever pay anyone for data or to interview them.

Want to Get Our RSS Feed?

Grab it here:

https://databreaches.net/feed/

RSS Recent Posts on PogoWasRight.org

  • Germany Wants Apple, Google to Remove DeepSeek From Their App Stores
  • Supreme Court upholds Texas law requiring age verification on porn sites
  • Justices nix Medicaid ‘right’ to choose doctor, defunding Planned Parenthood in South Carolina
  • European Commission publishes its plan to enable more effective law enforcement access to data
  • Sacred Secrets: The Biblical Case for Privacy and Data Protection
  • Microsoft’s Departing Privacy Chief Calls for Regulator Outreach
  • Nestle USA Settles Suit Over Job-Application Medical Questions

Have a News Tip?

Email: Tips[at]DataBreaches.net

Signal: +1 516-776-7756

Contact Me

Email: info[at]databreaches.net

Mastodon: Infosec.Exchange/@PogoWasRight

Signal: +1 516-776-7756

DMCA Concern: dmca[at]databreaches.net
© 2009 – 2025 DataBreaches.net and DataBreaches LLC. All rights reserved.