Bad news - businesses who pay ransomware attackers aren’t very likely to get their data back

With ransomware attacks becoming ever more common, a firm’s response can be crucial to recovery and mitigating the damage of the attack. A new study from Hiscox has revealed a good reason not to pay attackers, finding in the vast majority of cases, even when a ransom is paid, companies don’t get their information back. The company found only 7% of firms recovered their data in full - and in fact, 1 in 10 of the businesses who pay the ransom still had their data leaked.

Aside from the obvious impacts of financial loss and stress to those involved, ransom attacks also affect reputations of companies who fall victim. The study found of those who experienced a ransomware attack in the last 12 months, a staggering 47% reported greater difficulty in attracting new customers, and 43% have lost customers.

In 2024, the survey found over a third (38%) of companies that fell victim to a cyber attack also suffered bad publicity resulting in damage to brand reputation, and 21% also lost business partners, showing just how detrimental attacks can be, even beyond the attack itself.

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