According to a recent report by IBM X’Force’s Ransomware report, 70% of businesses hit by ransomware pay the hackers to regain access to their systems and data. Of those attacked, 20% paid over $40,000 to retrieve data while more than half paid more than $50,000. Law enforcement officials tell businesses to stop paying ransoms, however, it is expected that cybercriminals will earn more than $1 billion from ransomware campaigns in 2017.
According to the report, nearly 60% of business leads said they would be willing to the pay the ransom in order to regain access to financial records, intellectual property, business plans, and consumer data. Depending on the type of ransomed data, business leaders would be willing to pay between $20,000 and $50,000 to get their data back.