Ransomware was analyzed in a recent report by Enterprise Strategy Group (ESG). According to the report, 65% of organizations confirmed that ransomware is one of the top three threats to their viability. And for 13%, it is the biggest threat. The study surveyed information technology (IT) and cybersecurity professionals working within organizations across the United States and Western Europe.

According to the report’s findings, while ransomware attacks are sometimes kept private from the public, they are a common occurrence and represent both a significant and recurring source of business disruption. Among the 600 respondents, 16% of those whose organization had experienced a successful ransomware attack were able to fully recover all their data after the attack, while 84% lost data they were not able to recoup.

Threat actors are getting increasingly bold in their ransomware demands, giving their targets no choice but to relent and pay to get their data back and restore daily operations. As a result o, 80% of organizations surveyed stated that they expect their spending in support of ransomware preparedness to increase over the next 12 to 18 months.

Read the full report here