Financial Services Firms Spend Over $2m on Ransomware Recovery

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Financial Services Firms Spend Over $2m on Ransomware Recovery

Global financial services firms spent more than $2m on average recovering from a ransomware attack last year, according to new data from Sophos.

The UK security vendor polled 550 IT decision-makers in mid-sized financial sector firms around the globe to compile its State of Ransomware in Financial Services 2021 report.

It found that a third (34%) of firms in the vertical were hit by ransomware in 2020, with half (51%) admitting their attackers managed to encrypt data.

However, although most (62%) were able to restore scrambled data from backups, the recovery costs ascribed to victim organizations from the sector were much higher than the average across all verticals ($1.85m).

The figure is also surprising considering that only a quarter (25%) of financial services victims paid the ransom demand — the second-lowest payment rate of all industries surveyed and below the global

The article Financial Services Firms Spend Over $2m on Ransomware Recovery was originally published at InfoSecurity.

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