75% of UK Businesses Would Break a Ransomware Payment Ban to Save Their Company, Risking Criminal Charges
Despite this, 99% of respondents supported a ban in the private sector, surpassing the 94% in favour of a public sector ban
The proposed ban would legally prohibit ransom payments by public sector organizations and operators of critical national infrastructure (CNI), including schools,
Support for a ban is strong in both sectors, as is shown in the survey: 94% support limiting ransom payments for public entities and 99% for private organizations. However, the survey found that in real-world situations within the private sector, if a ban were to take hold, only 10% said they would comply if they were attacked. A further 15% said they would be neither likely nor unlikely to comply. This suggests that while respondents think the ban is a good idea on paper and makes sense for government agencies, if their own company's survival is at stake, all bets are off.
Of those who support a proposed payment ban, more than a third (34%) believe it would lead to increased government support and intervention to safeguard cyber resilience. Another third (33%) believe that it would decrease the prevalence of attacks by reducing the incentive for attackers – this is one of the central aims of the ban.
The latest
Given the proliferation of attacks, almost all respondents (98%) said cyber readiness and recovery will be a top spending priority. This reflects growing recognition that the best way to beat ransomware is to focus on resilience and technologies that can enable rapid recoveries, rather than relying on reactive payments, which may or may not help enterprises get their data back.
Recovery from a cyberattack takes 24 days on average. For large organisations this means financial losses, but for smaller organisations this can lead to bankruptcy, underlining the urgency for greater investment in recovery readiness.
"Paying a ransom rarely guarantees recovery and often increases the likelihood of being targeted again," said
"Ransomware and cyberattacks will be a concern for a long time, as international cyber gangs make huge profits from them and use these resources to continually develop their attack tools," says Jane Frankland MBE, CEO of Knewstart. "To break this cycle, companies must better prepare for emergencies and strengthen their cyber resilience. This will allow them to maintain operations and continue to serve customers during a cyber incident."
Research Methodology
This survey was conducted independently and exclusively for
The sample comprised of CEOs, COOs, CFOs, CTOs, CIOs, CISOs, CMOs,
Censuswide abides by and employs members of the
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