83% of ransomware victims paid ransom: survey

A new survey of 300 US-based IT decision makers found that 64% have been victims of a ransomware attack in the last 12 months and 83% of attack victims paid the ransom demand.

Cybersecurity company ThycoticCentrify released its “2021 State of Ransomware Survey & Report” on Tuesday, featuring the insights of IT leaders who have dealt with ransomware attacks over the last year. 

Of those surveyed, 72% have seen cybersecurity budgets increase due to ransomware threats and 93% are allocating special budgets to fight ransomware threats. Half of respondents said they experienced loss of revenue and reputational damage from a ransomware attack while 42% indicated they had lost customers as a result of an attack. More than 30% said they were forced to lay off employees as well.

Respondents said the most vulnerable vectors for ransomware attacks were email (53%), followed by applications (41%) and the cloud (38%).

The top attack vector cited by 26% of respondents was privileged access followed closely by vulnerable endpoints (25%). 

“Organizations are spending their increased cyber security budgets investing in ransomware prevention with network security (49%) and cloud security (41%) solutions. It is interesting to note that in this survey, identity access management (24%), endpoint security (23%) and privileged

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