More than 50 percent of small and midsized businesses have fallen victim to ransomware, and of those, 48 percent paid a ransom, according to a survey released today by Ponemon Institute and Carbonite.

The average company had four ransomware attacks last year, paid an average ransom of $2,500 per incident, and spent 42 hours dealing with the attack.

“We’re nowhere near the end of the ransomware threat,” said Norman Guadagno, chief evangelist at Carbonite, which provides continuous automated cloud backup services.

Of those who did not pay up, 42 percent said that having a full and accurate backup was the reason.

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Report: Half of ransomware’s SMB victims pay up