Ransomware attacks have become prevalent, with a steep spike of 435% observed between 2022 and 2023, as reported by Help Net Security. This alarming trend is expected to persist, given the rising number of persons carrying out online transactions from their homes, as it creates more avenues for hackers to conduct such attacks. The primary objective of a ransomware assault is to block data access via encryption and then insist on payment to get the decryption key.
In the event that your organization falls victim to such an attack, opinions on whether to pay the ransom diverge. Paying the ransom may result in incurring a massive expense, and there is no assurance of file recovery. On the other hand, if the ransom is not paid, there is the possibility of data being leaked and additional costs from time and financial losses.
This article delves into the different aspects to ponder upon when encountered with a scenario where no positive alternatives seem to be accessible.
Maintaining an Alternate Strategy
Ideally, having several copies of your data stored in safe locations would guarantee that you could promptly recover your backups if your primary data source becomes inaccessible. This is a recommended practice to protect against the possibility of having to pay a ransom to obtain access to your files.
Numerous enterprises, particularly smaller ones that may not afford a backup service, encounter an issue owing to the absence of a comprehensive backup plan. If the ransom is not paid, there is the likelihood that cybercriminals may expose sensitive information or trade secrets, which could spell doom for the business. In such a scenario, making the payment may be the most judicious course of action.
Expense versus Benefit Assessment
When pondering over whether or not to pay a ransom to retrieve company data, the financial ramifications should be considered. While the ransom payment may be costly, the resources and energy required to reconstruct the IT infrastructure might be significantly more expensive. In the event of considerable data loss, there may be a need to shut down operations temporarily. It is imperative to reflect on how this would affect the organization.
Given the intricacy of this choice, many organizations have opted to acquire ransomware insurance, which is less expensive than the amount demanded by cybercriminals and the cost of shutting down activities while data is being recovered. However, nefarious elements have devised a technique to evade this by determining the highest payout from their insurance policies and using it as their ransom.
Another aspect to consider is that, after a company has paid a ransom, it may be perceived as a probable target for subsequent extortion efforts.
Sponsors of Malign Entities
The ethical consequences of paying a ransom should be measured against the financial and practical considerations. Paying the extortionists could be perceived as supporting the efficacy of ransomware, and as a result, it could lead to an upsurge in such activity. Nevertheless, enterprises may have to prioritize survival over ethical contemplations when confronted with an either-or scenario.
A number of government officials and cybersecurity experts have recommended criminalizing ransomware payments to address the proliferation of funds to attackers. However, this may place businesses in a difficult situation where they have to decide between breaching the law by paying a ransom or risking the failure of their organization. As a result, it could prompt criminals to intensify their attacks on hospitals and other crucial elements of the nation’s infrastructure to obtain the required data.
In the absence of laws forbidding ransom payments, law enforcement agencies suggest that businesses refrain from making ransom payments if feasible.
An Ounce of Prevention is Worth a Pound of Cure
The popular saying ‘An ounce of prevention is worth a pound of cure’ remains relevant in many circumstances. Adopting proactive preventive measures can assist in avoiding becoming a target, but this may not be a consolation for those already impacted.
Ensure that a firewall is installed.This program can detect menaces in shared files.
Adopt rational partitioning of your network.This approach prevents malware from moving from one system or device to another.
Utilize diverse backup methods (of different types).For instance, you could use a cloud service and an external hard drive to create a mirrored copy of your data.
Train your employees on the appropriate inspection procedures.This could be a crucial step in safeguarding your enterprise against ransomware.
Emphasize password protection.Password security is exceedingly important. It is not advisable to use the same password for multiple accounts or choose weak passwords.
Regularly update your software.Software includes operating systems, anti-malware programs, applications, firmware, third-party software, and more.
Integrate the use ofThe assumption is that all external inputs and contacts must be viewed with caution. The approach assumes that any external entity attempting to interact with an organization’s network should be automatically suspect. The system authenticates the credentials of any individual or device requesting access.
Adopt a BYOD policy to restrict the use of enterprise devices.It is crucial that Bring Your Own Device (BYOD) policies are comprehensive and regularly reviewed to safeguard the enterprise from being compromised by employees’ personal devices.
There Are No Beneficial Results.
When deliberating whether to pay a ransom to hackers who have targeted a computer system, making a decision is not a simple matter. Professionals recommend posing the following queries to assist enterprises in arriving at an informed decision.
- Is the data that I am unable to access essential for the current operation of my enterprise?
- For how long can we operate without accessing the encrypted files?
- Will there be a catastrophic consequence if we are unable to access these records?
- On the issue of whether paying a ransom is morally justifiable, which stance do we adopt?
- Are there any alternative means to obtain this information?
A ransomware attack leaves no feasible choices for the victim. The only option is to make the most logical decision and hope for the best.