Research From Cohesity Shows Distrust of Corporate Ransom Payouts

Research From Cohesity Shows Distrust of Corporate Ransom PayoutsRecent research from Cohesity has revealed how American consumers feel about corporations giving in to the demands of ransomware attackers. This research is based on an August 2021 survey of more than 1,000 adult American consumers between the ages of 18 through 75 and older, all of whom have heard of ransomware. The study was commissioned by Cohesity and conducted by Propeller Insights. Of those surveyed, more than half (55 percent) said that companies that pay ransoms after experiencing an attack encourage further ransomware and bad actors.

Cohesity is a data management company that manages, protects, and extracts value from enterprise data. The provider’s flagship tool, Cohesity DataProtect, safeguards a wide range of data sources on a single web-scale platform. The solution can be deployed on-premises on qualified platforms in the data center, public cloud, and on the edge. Additionally, the platform utilizes a scale-out architecture that starts with a minimum of three nodes and scales without disruption by adding nodes to the cluster. Through this solution, users have the ability to use backup data directly on the platform without needing to restore it, which allows for the consolidation of other use cases, including dev/test and analytics.  Recently, Cohesity raised $250 million in Series E funding and is currently valued at $3.7 billion.

This research from Cohesity also revealed that 40 percent of Americans surveyed believed that companies affected by ransomware attacks should not pay the ransom. Furthermore, 43 percent of respondents think that ransom payments will raise the price of goods and services. Additionally, 23 percent of respondents stated they would stop doing business with a company that paid a ransom, and 48 percent said they would consider cutting ties with such a company, as it concerns them greatly.

In a press statement, Brain Spanswick, chief information and security officer at Cohesity said, “ransomware attacks are so prevalent that they are now part of our collective consciousness. And our research indicates that when businesses pay the ransom, they run the risk of losing consumer confidence and prompting people to take their business elsewhere. No organization is immune from ransomware attacks, but enterprises that implement modern security and next-gen data management strategies and can quickly recover if they are attacked – without having to pay the ransom – are the ones that will win favor with consumers over those that can’t.”

When asked if consumers feel that organizations are doing enough to protect their data, 42 percent answered either “it’s unlikely” or “no.” However, consumers also offered ways that organizations can improve data protection, including:

  • Regularly testing systems for threats (61 percent).
  • Installing security software (59 percent).
  • Embracing next-gen data management strategies (54 percent).
  • Enabling multi-factor authentication (47 percent).
  • Requiring stronger passwords (39 percent).

To learn more about Cohesity, click here.

Tess Hanna
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