Report: 55% of Americans say paying ransoms encourages more cybercrime

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According to new research from next-gen data management company Cohesity, more than half (55%) of Americans said that paying ransom only encourages more ransomware and cybercriminal activity. The research also indicates that 40% of Americans think companies should not pay ransom, and that more than a fifth (22%) would lose confidence in a company that did pony up.

Overall, the findings suggest businesses that bow to ransomware attackers’ demands run the risk of diminishing their own reputations with consumers while motivating bad actors to stage more attacks.

More than half (55%) of Americans said that they would lose confidence in a company that has been subject to a ransomware attack because such events signal a failure to implement proper security and data management protocols to protect data. Almost as many said a ransomware attack that impacted their personal data would diminish their confidence in a business.

While 43% believe ransom payments will raise the price of goods and services, a greater share worry that ransomware attacks will expose their personal information (59%), and 55% fear their personal information will be sold.

Most said that they anticipate more attacks in 2022 than in 2021. To minimize the likelihood of ransomware attacks, survey respondents said that companies should test their systems for threats, install security software, and embrace next-gen data management strategies that back up and protect their personal data and detect and respond to potential threats.

Cohesity based its research on a survey of more than 1,000 U.S. adults.

Read the full report by Cohesity.

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