One in Four British Based SME’s Were the Target of Ransomware in the Past Year

The National Cyber Security Centre (NCSC) has described ransomware as ‘the most acute cyber threat the UK faces’, with attacks having devastating consequences on businesses’ operations, reputation and finances.

A ransomware attack involves rogue cyber criminals gaining access to a computer system and deploying malicious software that encrypts computers and the data held on these systems, making it impossible for the user to access.

The hacker is then able to demand money, often in cryptocurrency such as bitcoin, in exchange for handing back the data or unlocking the computer systems.

According to the Sophos ‘State of Ransomware 2023’ Report, 46% of organisations hit by a ransomware attract pay the ransom – but this can eventually result in doubling their recovery costs. Law enforcement does not encourage payment of ransom demands, as there is no guarantee that you will gain access to your data or systems, and in fact may be more likely to be targeted in the by other criminal groups.

Some high profile victims of ransomware attacks over the past year include M&S, Co-Op, Harrods, Royal Mail and JD Sports. However, smaller organisations are also fast becoming targets for cyber-attacks, given they may not have the security that larger corporations have access to. Indeed, one in four British SME’s have been targeted by ransomware in the past year alone with UK ransom payments higher than the global average.