An investigation of individual willingness to pay ransomware
ISSN: 1359-0790
Article publication date: 19 April 2022
Issue publication date: 18 April 2023
Abstract
Purpose
Ransomware is a relatively new form of financial extortion that is proving a major cyber-security threat to individuals and organisations. This study aims to investigate factors that may influence an individual's willingness to engage in a ransom payment.
Design/methodology/approach
This study ran a large survey (n = 1,798) on a representative sample of the UK population. This study elicited willingness to pay (WTP) ransomware and also reasons for not wanting to pay a ransom to criminals. This study then used non-parametric tests and regression analysis to identify factors that influence WTP.
Findings
This study finds that women and younger age groups are significantly more willing to pay a ransom, as are those who store photos. There is a strong positive relationship between concern for data breach and WTP a ransom.
Originality/value
To the best of the authors’ knowledge, this is the first large scale study to look at WTP ransomware. This study identifies a range of factors that can help inform law enforcement to target advice about ransomware attacks.
Keywords
Acknowledgements
This project has received funding from the Engineering and Physical Sciences Research Council (EPSRC) for project EP/P011772/1 on the EconoMical, PsycHologicAl and Societal Impact of RanSomware (EMPHASIS). The authors also want to thank the European Union’s Horizon 2020 research and innovation programme, under grant agreement No.700326 (RAMSES project), which also supported this work.
Citation
Cartwright, A., Cartwright, E., Xue, L. and Hernandez-Castro, J. (2023), "An investigation of individual willingness to pay ransomware", Journal of Financial Crime, Vol. 30 No. 3, pp. 728-741. https://doi.org/10.1108/JFC-02-2022-0055
Publisher
:Emerald Publishing Limited
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