“Don’t pay cyber ransom” – Garda warns as it turns out a third of SMBs have paid criminal groups this year

A third of Irish small and medium-sized businesses have paid ransoms to cybercriminals this year, according to a study, compared to more than half last year.

According to the survey, the average cost of each ransom paid was €22,773.

Almost three-quarters (74 percent) of companies that have paid ransoms have done so multiple times, according to a survey by IT services company Typetec.

The news comes just weeks after the National Cyber ​​Security Center and the Garda National Cyber ​​Crime Bureau warned small business owners that they are increasingly being targeted by ransomware groups.

The groups that use malicious software to block access to computer systems usually target governments, critical infrastructure, or larger corporations.

Just this week, fintech giant Revolut announced that it had been the victim of a targeted cyber attack, prompting the Lithuanian data protection authority — where Revolut has its banking license — to estimate that 50,150 customers worldwide could have been affected.

Lake Garda’s Cybercrime Unit has warned companies against paying ransoms to criminal groups as doing so will not prevent data from leaking online and could lead to organizations being targeted again. According to the unit, 80 percent of businesses are attacked again.

Typetec’s survey found that despite paying the ransom, 67 percent of business owners said sensitive data was leaked to the public, with 53 percent saying their data was dumped on the dark web.

More than half (52%) of Irish small and medium-sized businesses – those with 250 employees or fewer – have a cryptocurrency reserve in case a ransom needs to be paid.

And 71 percent of those who paid a ransom feel more vulnerable to a cyberattack.

But while 69 percent of organizations have cybercrime insurance, 71 percent believe the cyber insurance market is fueling the ransomware crisis.

“Our new study shows that a significant number of Irish SMEs pay ransoms to cybercriminals, often on a regular basis,” said Trevor Coyle, Typetec’s Chief Technology Officer.

“Crypto reserves and cyber insurance are also part of the recovery tactics of most surveyed companies.

“When attacks occur and ransoms are paid, data is typically still leaked to the public and dark web.”

https://www.independent.ie/business/irish/dont-pay-cyber-ransoms-garda-warning-as-its-revealed-a-third-of-smes-have-paid-criminal-groups-this-year-42016006.html “Don’t pay cyber ransom” – Garda warns as it turns out a third of SMBs have paid criminal groups this year

Fry Electronics Team

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