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Which ransomware payment option is best? (Hint: none)

February 24, 2024 by jaypee

Consider this scenario: Your company is targeted by a ransomware assault, and cyber criminals demand a large ransom money in exchange for releasing important data.

You cannot afford to pay it. However, there is a twist: certain ransomware gangs, like those “buy now, pay later” scams, are providing victims payment extension alternatives.

According to recent studies, ransomware gangs are becoming more innovative in their extortion techniques. One group is even offering victims various choices when it comes to their ransom demands. These “choices” include:

Paying to delay the publication of their stolen data, with a standard fee of $10,000… or paying to have their stolen data deleted before it’s made public.

The exact sums charged are sometimes negotiated with victims, adding a terrifying element to the entire affair.

To put further pressure on victims, ransomware gangs have added some alarming elements to their websites. These include countdown timers, which show how much time companies have before their data is disclosed, view counts, and even tags that identify the victim’s identity and description.

It’s all intended to make victims feel trapped and more inclined to succumb to the demands.

You may be tempted to pay the ransom to secure your corporate data. Not so fast. Paying is never a good idea for the following reasons:

Paying does not ensure that you will have your data returned or that cyber criminals will not demand further money later.

By paying, you are essentially subsidizing criminal activity, encouraging them to continue their attacks on others.

Ransomware payment might even land you in legal problems, since some countries have declared it illegal to pay cyber criminals.

So, what can you do to prevent your company from falling prey to ransomware?

  • Back up your data regularly and securely. This manner, you will not be at the mercy of cybercriminals.
  • Train your team to spot phishing emails and questionable links to reduce the likelihood of ransomware attacks.
  • Use reliable cyber security software and maintain it up to date.
  • Update your systems and software with the most recent security fixes.
  • Segment your network to prevent the spread of ransomware if one device becomes affected.
  • Create a clear incident response strategy for ransomware attacks to ensure preparedness.

Paying cyber criminals seldom improves the situation, and organizations who do pay are frequently targeted. Instead, invest in the preventive methods outlined above to help you stay safe. And if we can help you with that, get in touch.

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