Cybersecurity – To Pay or Not to Pay

Ransomware attacks, in which an organization’s data are locked-in-place, encrypted, and/or stolen have increased by over 500% in the last two years. Over 85% of companies have been attacked, and we are well on our way to another record year for the scope and cost of such attacks. The average ransom today is $570,000 and take over two months to resolve.
 
These criminal attacks are the acts of a growing, sophisticated cybercrime ecosystem. They often have catastrophic effects on the enterprises attacked and leave organizations without the critical data they need to operate.
 
About half of companies choose to pay ransoms. With good reason – paying results in data being released 75-85% of the time. However, about half of organizations do not pay.

In this session, we will discuss the pros, cons, costs, and benefits of paying ransom.

Cybersecurity is a board-level responsibility, and it is incumbent on boards to consider this question well before the need to do so occurs.