What would it take for almost half of the Philippine businesses to recover from ransomware attacks?
For the 42 percent of the entire business population who have been unfortunately victimized by the cybersecurity threat, it is a cumulative cost of Php40 million.
That is according to a report by Sophos who identified a total value cost of $820,000 (USD equivalent), which combines actual ransoms paid as well as other factors including downtime, manpower, resource, and network.
As per the State of Ransomware 2021 survey, it highlighted how the Philippine businesses have been targeted, which was a 30 percent increase from the previous year. It also revealed that the method involved data encryption, a signature ransomware hack, by 76 percent of the overall cases, which is comparatively higher than the global average at 54 percent.
While the data showed how cybercriminals took commercial enterprises in the country as their favorite victims, it also showed how resilient a majority of the affected in response to the attack, with them being able to restore data backups at 88 percent, better than the global average at 57 percent.
In addition, companies in the Philippines are less likely to pay the ransom at only 4 percent willing to do so, while the rest of the world are more inclined to it at 32 percent.