According to Sophos' annual State of Ransomware report, UK businesses are incurring much larger losses from ransomware attacks than those in other countries. The study, which surveyed 3,400 ransomware victims over 17 countries, revealed that while half of global victims opted to pay ransoms, UK businesses paid an alarming median ransom of $5.20 million, reflecting a significant increase. This contrast highlights a growing problem whereby UK firms are not only facing higher demands but are also finding themselves unable to negotiate effectively, leading to prolonged vulnerabilities and greater financial impact from such attacks.
British businesses are suffering more severe losses from ransomware than the global average, with UK victims facing increased ransom payments compared to last year.
The key insight from the report indicates that UK organisations are paying significantly higher ransoms year-on-year, with median payments rising to $5.20 million.
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