Ransomware is set to be a $1bn business in 2016, with attacks rising 6,000% this year, compared to 2015, according to a study by IBM Security. Despite FBI recommendations that business victims contact the police, the study revealed 70% handed over money to retrieve their data, with 50% of those paying more than $10,000 and 20% paying more than $40,000. IBM said most ransomware nets around $300 per victim. The problem is, the business model works: 70 percent of business victims paid the hackers to get their data back, the study found. The report also found that businesses are increasingly using cloud services such as Amazon Web Services (AWS) or Microsoft Azure for data storage.
Ransomware is set to be a $1bn business in 2016, with attacks rising 6,000% this year, compared to 2015, according to a study by IBM Security. Despite FBI recommendations that business victims contact the police, the study revealed 70% handed over money to retrieve their data, with 50% of those paying more than $10,000 and 20% paying more than $40,000. IBM said most ransomware nets around $300 per victim. The report also found that businesses are increasingly using cloud services such as Amazon Web Services (AWS) or Microsoft Azure for data storage.