Ransomware payment!! Which option is best?
Ransomware payment!! Which option is best?
July 18, 2024

I’m Lewis, the director of Shepherd IT. I had a passion for technology since I was a young boy, I excelled in IT and computer science at college and started my career as a technology analyst helping people with their businesses IT problems.

Ransomware hits! Your valuable date is locked away, and cyber criminals are demanding a big ransom fee.

This is a problem…obviously. You can’t afford to pay the ransom. But there’s a twist – just like those “buy now, pay later” schemes, some ransomware gangs are offering victims payment extension options.

Recently, ransomware groups getting more creative with their extortion strategies. One group is offering victims various choices when it comes to their ransom demands. These “choices” include:

Paying to have their stolen data deleted before it’s made public, or paying to delay the publication of their stolen data….usually with a fee of £10000.

The amount of charge is often negotiated with victims.

To make the whole experience more terrifying, these ransomware groups have added some horrible features to their websites. Including countdown timers displaying how much time businesses have before their data is released, view counters, and even tags revealing the victim’s identity and description.

Scary right?

It’s all designed to make victims feel cornered and more likely to give in 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 guarantee that you will receive your data back or that cyber thieves will not demand additional funds later.

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

Paying a ransom could land you in legal problems, as some governments have declared it illegal to pay cyber thieves.

So, what can you do to safeguard your business from falling victim to ransomware?

• Back up your data regularly and securely. In this manner, you will not be at the mercy of cybercriminals.

• Train your personnel to identify phishing emails and questionable links to reduce the likelihood of ransomware attacks.

• Use reliable cybersecurity 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 plan for ransomware attacks to ensure preparedness.

Paying cyber criminals rarely makes things better, and we’re seeing businesses that do pay become targets time and time again. Instead, invest in the proactive measures above to help you stay secure. And if we can help you with that, get in touch.