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Tuesday, January 7, 2020
Too Many Businesses Are Paying Ransom Demands
Ransomware attacks have been one of the definitive cyber threats of 2019, and, despite their growing prominence, business leaders are still struggling to determine the most effective response.
Unfortunately, many organizations are bending to hackers’ demands by paying the ransom to retrieve their data. In fact, the number of organizations giving in to extortion demands have more than doubled this year. In total, nearly 40% of businesses breached by a ransomware attack are paying criminals to decrypt company data.
This trend goes against the recommendations of law enforcement agencies and many cybersecurity experts who fear that ransom payments will embolden criminals to continue attacking businesses, schools, and government facilities. In addition, as we’ve noted in this week’s newsletter, making a ransom payment doesn’t guarantee that data will be recovered.
Of course, even those that don’t pay the ransom will not escape unscathed, as the cost of recovery can be as steep as the ransom itself. However, SMBs do have the power to protect themselves. By ensuring that their software is up-to-date and that their accounts are secure through simple features like two-factor authentication, they can take away many of the footholds that hackers use to infect businesses with this costly malware.