Cybersecurity: Ransomware – to pay or not to pay?

More than half (56%) of ransomware victims paid the ransom to restore access to their data last year, according to a global study of 15,000 consumers conducted by IT security company Kaspersky. Yet for 17% of those, paying the ransom did not guarantee the return of stolen data. However, as public awareness of potential cyberthreats grows there is reason for optimism in the fight against ransomware.

Ransomware is a type of malware which criminals use to extort money. It holds data to ransom using encryption or by locking users out of their device. Kaspersky’s report, Consumer appetite versus action: The state of data privacy amid growing digital dependency, found that, for around a quarter of respondents (26%), the estimated money loss was less than $100, but for 9%, totals reached between $2,000 and $4,999.