“Many companies are arming themselves with resources to limit damage. This includes hiring incident responders who can not only lower ransom payments but also speed up recovery and even stop attacks in progress,” says Chester Wisniewski, director, field CISO, Sophos.
Half of the companies in Singapore hit by ransomware attacks paid the ransom to recover their data, according to the sixth annual State of Ransomware report by cybersecurity firm Sophos.
While a significant number of companies paid, the median ransom payment in Singapore dropped to US$365,565 ($285,775) this year, a notable decrease from US$760,000 last year. Nearly two in five (39%) businesses successfully negotiated a lower amount, either directly or through a third party.
