Ransomware attacks have become a reality for many organizations. The threat of losing data, or paying a ransom to regain access to it, can cripple a company’s bottom line.
Criminals know this and pounce on organizations with sensitive information, such as customer, employee, or financial data. They encrypt this data, lock it up, and demand payment.
It’s Not a Good Idea
Ransomware is a threat that threatens to shut down your computer system, encrypt data on it, and then demand that you pay money to unlock it. It can be a severe problem, and the consequences can be devastating.
The first thing to remember is that the people behind ransomware are criminals. And even if you pay them, your files may not be re-encrypted or restored to their original state. That’s because if the encryption process corrupts your files, the decryption key they send you will also not work.
Another issue with ransomware is that it can spread rapidly across your network and infect new devices. That means you need to react fast. Isolate the infected machine and power it down or disable network access immediately.
You must also remove any malware from your network inserted as part of the infection. This is a significant part of containment, which minimizes damage and maximizes recovery time.
A final point to consider is that cyber insurance does not always cover all the ransomware attack costs. This is because some policies have exclusions, and a settlement might not fully compensate for your institution’s intellectual property losses, revenue reduction, and tarnished reputation.
When a business fails to protect itself from a ransomware attack, it can severely damage its public relations and reputation in the eyes of its customers and partners. This can lead to losing trust and revenue as clients and partners look elsewhere to meet their needs.
It’s a Waste of Money
Ransomware is an attack that encrypts computer files and makes them inaccessible until the victim pays a ransom. It can come in many forms, from malware that purports to be pornography or pirated software, which tries to publicize sensitive data on the victim’s hard drive.
Regardless of the type of ransomware attackers are likely to use the same tactics. They typically extort a relatively low ransom (usually between $700 and $1,300) from companies with no security measures in place and who are less likely to hire IT staff to monitor the security of their systems.
The criminals will then send the victim a decryptor key that may or may not work. Moreover, even if it does, it may corrupt some files.
Considering these facts, it’s not surprising that law enforcement and digital security industry experts like Fortinet warn against paying ransomware payments to attackers — but this does not stop some organizations from doing so when weighing their options. They may feel the cost of system and service downtime, the loss of personal data, or their fiduciary responsibilities to stakeholders will compel them to meet an attacker’s demands
It’s a Bad Move for Your Business
Ransomware is a form of malware that encrypts files on a user’s computer, making them inaccessible without a key or payment. Depending on the type of ransomware, it may also be able to force a user’s computer to mine cryptocurrencies like Bitcoin–an activity known as crypto mining.
Several organizations have paid substantial sums to restore access to encrypted files recently.
Aside from having a nifty-looking software solution, the most impressive ransomware solution may not be viable for your business. In most cases, the only way to recover from a ransomware attack is by paying the price of the encryption key or relying on a decryption service. But that is only sometimes possible or affordable. So it is always better to prevent the infection in the first place.
It’s a Bad Move for the Criminals
In recent years, ransomware has become a popular tool for criminals to extort money from businesses. They encrypt data and demand payment to get it back, often in cryptocurrencies such as bitcoin.
Hackers hacked the company’s system and encrypted data and threatened to leak it online unless a ransom was paid.
The attack was a disaster for the company, which had to stop trading and pay millions of dollars in settlement fees to avoid an international crisis. It is one of the most high-profile cases involving a ransomware attack and illustrates how devastating this threat can be.
As a result, many cyber security experts are concerned that paying ransoms to regain access to encrypted files only emboldens attackers and gives them more leverage. It also makes it easier for them to target another business or organization since they know you are more likely to pay up.
It’s a good idea to avoid paying ransoms and instead rely on your cybersecurity teams to ensure your critical data remains secure. Once your data has been compromised, it is impossible to secure it again. Using an effective cybersecurity strategy will help prevent ransomware attacks from ever occurring in the first place.