The answer depends on how valuable your data really is? And whether you have effective means to restore the data.
In a recent survey, IBM asked 600 business leaders if they would pay to get their data back. Twenty-five percent said that they would be willing to pay up to $ 50,000 to get their data back.
Joseph Bonavolonta, Assistant Special Agent in charge of the FBI’s Cyber & Counter Intelligence Program concurs: “To be honest, we often advise people just to pay the ransom.”
In February 2017, Hollywood Presbyterian Medical Center in Los Angeles paid nearly $17,000 to unlock the hospital’s computer network. Frankly, many businesses have no option. Some look at the cost of payment as being lower than that of recreating the data, thus justifying payment.
Others argue against payments. “Caving in to the demands of cyber-extortionists only reassure them of their strategy and perpetuates the threat cycle”, says Bharat Mistry, cybersecurity consultant at Trend Micro.
Regardless, IT departments are now stocking up on Bitcoins, the digital currency used to pay most of the ransoms. They are increasingly of the opinion that it is simply better to be prepared.