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An investigation of individual willingness to pay ransomware

Author

Listed:
  • Anna Cartwright
  • Edward Cartwright
  • Lian Xue
  • Julio Hernandez-Castro

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.

Suggested Citation

  • Anna Cartwright & Edward Cartwright & Lian Xue & Julio Hernandez-Castro, 2022. "An investigation of individual willingness to pay ransomware," Journal of Financial Crime, Emerald Group Publishing Limited, vol. 30(3), pages 728-741, April.
    • Handle: RePEc:eme:jfcpps:jfc-02-2022-0055
    DOI: 10.1108/JFC-02-2022-0055
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