Ransomware Attacks Double Targeting 27% UK SMEs with 80% Paying Ransoms

Ransomware attacks have surged globally, severely impacting small and medium-sized enterprises (SMEs) as well as financial institutions. In the UK, 27% of SMEs faced ransomware last year, with 80% paying ransoms but only 60% successfully recovering data, and some even experiencing additional ransom demands after paying. Financial services are particularly targeted, facing ransom demands averaging $3 million, with attackers exploiting operational weaknesses and deploying advanced fraud tactics including business email compromise and malicious apps. Cyber insurance is growing in popularity as a risk mitigation tool but remains costly and may not fully cover smaller firms. Asia has also seen a rise in ransomware-related cyber insurance claims, especially among smaller firms where 88% of data breaches involved ransomware, often using double extortion strategies. Experts emphasize that paying ransoms is risky and encourage stronger cybersecurity defenses, regular backups, and employee training to better protect against evolving ransomware threats.