The report also warns that companies that pay the ransom face double the recovery costs of those that use their backups. Companies that paid the ransom had recovery costs of $750,000, while those that used their backups spent $375,000. The report also found that organizations using backups recovered their data within a week, compared to two in five of those who paid the ransom.
Sophos also warns that despite reports suggesting otherwise, the number of ransomware attacks is not dwindling but is plateauing. The survey found that 66% of firms had been attacked by ransomware this year, which was the same as last year. The report also highlights the importance of keeping software and hardware updated, as system vulnerabilities are most commonly used to launch ransomware attacks (36%) rather than compromised credentials (29%).
