48% of UK businesses fail to back up company data at least once a day

One in five medium to-large businesses in the UK don't have a plan of action in place in case of a ransomware attack. Almost half (48 percent) of British businesses are failing to back up their company data at least once a day.

New research from Citrix reveals that 33 percent of UK companies are now building a ready stockpile of digital currency, such as Bitcoin, in case of a ransomware attack. The survey compiled results from 250 IT and security specialists from companies in the UK with 250 or more employees.

Over 35 percent of large firms with more than 2,000 employees are willing to pay over £50,000 to regain access to intellectual property (IP) or business critical data.

More than a third (36 percent) of smaller companies with 250-500 employees in the UK keep a ready supply of cryptocurrencies. More than half (57 percent) of firms with 501-1000 employees have a stockpile of digital cash. Over one in ten (13 percent) of smaller businesses have admitted to never serialising their backup data files, which leaves them more vulnerable to a ransomware attack.

Nearly one in three IT and security specialists feel the government doesn't provide adequate guidance on avoiding cyber-attacks. Those in charge of safeguarding their company data are calling for more from their leaders.

“These findings emphasise the importance of building a robust IT network that safeguards users from cyber-attacks. Using dedicated techniques, such as encryption and virtualisation, companies keep data safely locked away and inaccessible to hackers – protecting them from costly breaches and significant reputational damage,” said Chris Mayers, chief security architect at Citrix.