Ransomware attacks are on the rise in the UK, with threat actors finding success due to the willingness of victim organizations to pay up, a new study from Cohesity reveals.

The cybersecurity firm surveyed over 3100 IT and security decision-makers across eight countries to compile its latest report on global cyber resilience.

In the UK, 53% of respondents admitted to falling victim to ransomware in the past year, up from 38% in the previous report. Shockingly, over half (59%) of these victims paid the ransom, with 74% saying they would do the same if targeted again.

Interestingly, despite two-thirds (66%) having a policy against paying ransom, only 7% of UK respondents ruled out the possibility altogether.

This trend is not unique to the UK, as the global average of organizations impacted by ransomware stands at 67%, with France leading at 86%. A staggering 83% of global victims claimed they would pay the ransom, rising to 97% in France.

Contrary to these findings, a study by Coveware reported a decrease in ransom payments among victims in Q2 2024, from 85% in Q1 2019 to just 36%.

UK organizations paid an average of £870,000 as ransom, with some admitting to shelling out as much as £10-20 million. Globally, 5% of respondents paid over £10 million.

Slow Road to Recovery

Law enforcement and government agencies advise against paying ransom, as it not only fuels the cybercriminal economy but also offers no guarantee of recovering encrypted data. It’s essential to remember that engaging with sanctioned cybercrime gangs is illegal.

Only 4% of ransomware victims managed to fully recover their data, with less than 2% restoring operations within 24 hours. While 23% recovered within 1-3 days, 19% reported needing weeks to months for recovery.

James Blake, Cohesity’s global head of cyber-resiliency strategy, stressed the importance of cyber-resilience in the face of evolving threats and expanding attack surfaces. He emphasized the need for businesses to prioritize cybersecurity preparedness and compliance with regulations.

“Destructive cyber-attacks can have a severe impact on an organization’s operations, revenue, and reputation,” Blake stated. “It is crucial for business leaders to prioritize cyber-resilience and invest in data security measures to protect against ransomware attacks.”