{"id":179683,"date":"2020-06-24T06:09:00","date_gmt":"2020-06-24T11:09:00","guid":{"rendered":"https:\/\/www.ntegrait.com\/what-does-150k-ransomware-payment-say-about-your-cybersecurity\/"},"modified":"2020-06-24T06:09:00","modified_gmt":"2020-06-24T11:09:00","slug":"what-does-150k-ransomware-payment-say-about-your-cybersecurity","status":"publish","type":"post","link":"https:\/\/ntegrait.com\/what-does-150k-ransomware-payment-say-about-your-cybersecurity\/","title":{"rendered":"What Does $150K Ransomware Payment Say About Your Cybersecurity?"},"content":{"rendered":"

$150K Ransomware Payment<\/h2>\n

A recent news piece published by Tech Republic highlights the discouraging reasons why too many businesses fall prey to hackers and pay ransoms for their digital property. Perhaps nothing adds insult to injury quite like someone burglarizing your organization and then making you pay for their crime.<\/p>\n

A recent $150,000 ransom paid in Bitcoin to regain control of one small business\u2019s digital assets reveals why so many cybercrimes go unreported. As staggering as the data breach statistics are, they may just be the tip of the spear. Security journalist Karen Roby conducted a Q&A with an unidentified CFO who made the decision to set aside pride and succumb to a hacker\u2019s demands.<\/p>\n

\u201cHis company chose not to get authorities involved given the value that was at stake, and the company\u2019s immediate need to gain back control of its network,\u201d Roby reportedly stated. \u201cWe\u2019re hoping his first-hand account will help you better understand what these types of ransomware attacks look like and give you an idea of how to better protect your own organization.\u201d<\/p>\n

\"Ransomware<\/p>\n

How Do Ransomware Attacks Happen?<\/h3>\n

Ransomware attacks rank among the more prevalent methods used by digital thieves. The underlying strategy mirrors that of taking someone hostage and demanding payment from loved ones for their safe return.<\/p>\n

In these cases, a company\u2019s digital assets are taken hostage by inserting malicious software that effectively gives hackers total control of a network. Email remains the most-used delivery system. When someone in an organization gets tricked into clicking on a link or downloading a file, the ransomware application enters the network and hackers take control of the system and devices.<\/p>\n

In order to regain control, cyber-thieves demand payment \u2014 typically in Bitcoin \u2014 in exchange for a decryption code. Like real-life hostage-taking, paying ransoms does not necessarily ensure the criminals will hold up their end of the bargain. Sometimes ransom-payers never receive the code. Other times, hackers delete systems to wipe away any digital fingerprints.<\/p>\n

Why Some Decision-Makers Pay Ransoms<\/h3>\n

A ZDNet article called \u201cRansomware attacks: Why and when it makes sense to pay the ransom,\u201d highlights why more businesses pony up rather than contacting the authorities. Written by Larry Dignan, the piece points out that the decision often comes down to cold financial calculations.<\/p>\n

\u201cNow paying ransomware is likely to go against conventional wisdom. The practice may also make you throw up in your mouth,\u201d Dignan reportedly states. \u201cHowever, there are real costs to having your company or city dead in the water for days. Paying ransomware should be viewed as any other business decision.\u201d<\/p>\n

In the case of the Tech Republic Q&A, the small business promptly contacted a third-party IT professional to assess the potential fallout of not paying the hacker\u2019s demand. A quick review of the outfit\u2019s digital assets revealed that the cybercriminal did not necessarily have control of what many consider to be the most valuable data. These typically include the following.<\/p>\n