Attacked by Ransomware, Many Companies Opt to Pay Up - CFO - 1 views
-
-
emmajeenie on 23 Jun 21The demanded ransom is often a moderate amount that would pale in comparison to the recovery and reputational costs for a company that refuses to pay.
-
-
Hospitals, for instance, are frequent targets of these kinds of attacks, in part because people’s lives are on the line so they have to make quick decisions.
-
, in a ransomware attack the data isn’t released or leaked or sold. On the contrary, in most cases, data and infrastructure aren’t compromised at all; its owner just can’t access them.
- ...11 more annotations...
-
the security firm Coveware estimates the average payout for those that did was about $85,000 during last year’s fourth quarter, and more than $190,000 in December.
-
Organizations have more to lose financially from the inability to conduct business than they do from just paying the ransom
-
It’s like the plot of a James Bond movie: Hackers take control of a global organization’s computer systems and threaten to destroy its records, steal its intellectual property, and drain its bank accounts unless a hefty ransom is deposited into an untraceable offshore bank account by the end of the day.
-
” the ransom is likely a significantly smaller amount than what it may cost to address a threatening public issue or the time and money necessary to rebuild the confidence in a brand or company.
-
Experts suspect that the actual number of ransomware attacks is much higher than the reported number, citing reasons ranging from fear of job loss, investor withdrawal, and reputational damage
-
Moreover, while public companies are required to report cyberattacks to regulators, private organizations are under no such mandate. Reporting attacks to law enforcement often may cause lengthy investigations
-
A hacker can keep repeating a ransomware attack until the security flaw is fixed or they are caught or reported.
-
Organizations can undertake a few basic defensive actions to mitigate the impact of a ransomware attack. Frequently backing up data and storing it on different networks is one way,
-
reducing the number of outside apps the system uses, fixing software vulnerabilities immediately, and properly training and educating employees on what to look for and whom to alert if something appears suspicious.