Majority Of SMBs Would Not Pay Ransomware Attackers

Study by IDT911 reveals most small- to midsized business owners have no cyber insurance, and lack resources to ward off cyberattacks.

A survey of US small and mid-sized business owners on ransomware attacks found that 84% wouldn’t pay cybercriminals even if it meant loss of data. Only 3% would be willing to pay $10,000 or more, while 10% were okay with giving between $1 and $100.

The study, conducted by identity theft protection service provider IDT911, surveyed 1,035 SMB owners in the US in the wake of reports that businesses face rising ransomware threat. Ransomware attacks have increased by 300% over last year, according to Symantec.

Some 65% of SMBs say they won’t allocate budget for ransomware issues, although 60% acknowledge the impending ransomware threat; 22% say they are nsure how to even back up their files. While 75% of the respondents do not have cyber insurance, those aged between 18- and 34 years old are more likely to opt for it.

Adam Levin, founder and chairman of IDT911, said ransomware is the “Zika virus of the business world.”

“We’re talking about complete and utter paralysis of systems that could spell lost revenue, viciously impacted customers and a potential near-extinction level event for a business,” he said.

For full survey results, click here.

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