Ransomware payments: Considerations before paying
Organizations know the dangers ransomware poses, as attacks can lead to the encryption, exfiltration and public posting of critical data. With high ransom demands and substantial recovery costs, executives must decide whether to pay the ransom once it’s demanded. This article explores the reasons some companies choose to pay and why others opt not to, along with the legal implications and how law enforcement can assist.
Key Points
- 51% of organisations that suffered ransomware attacks paid the ransom, often for faster recovery and avoiding business damage.
- Companies argue against paying due to legal implications, lack of guarantee on data recovery, and the potential for encouraging more attacks.
- Paying ransoms can escalate the situation, leading to repeated demands from attackers.
- In the U.S., paying a ransom is legal but may risk violating Office of Foreign Assets Control regulations.
- Cyber insurance can help cover ransom costs, but maintaining policy compliance is essential.
- Law enforcement agencies, such as the FBI and CISA, can assist victims of ransomware to recovery and future prosecution efforts.
Why should I read this?
This article provides critical insights into the complex decision-making process surrounding ransomware payments. It presents both sides of the argument, highlighting the potential risks and implications of paying ransom. Understanding these factors is vital for organisations seeking to navigate the ever-evolving landscape of cybersecurity threats and to make informed decisions that affect their data security strategies.
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