Should You Pay The Ransom For The Ransomware

You turn on your computer to find a message from a cybercriminal who has installed a virus, ransomware on your computer.  The message says all your data has been encrypted and if you don’t pay you will lose all the data or even worse you will lose access to your data and it will also be sold on the dark net to the highest bidder.

Ransomware Stats

  1. Ransomware cost businesses more than $8 billion in 2018/2019
  2. The average cost of a ransomware attack on businesses is $133,000
  3. The estimated losses in 2019 for the healthcare industry are $25 billion
  4. The global spending on cybersecurity is over $14 billion
  5. Ransomware is behind 56% of malware attacks
  6. 95% of ransomware profits went through the cryptocurrency trading platform BTC-e

Should you pay the cybercriminals the ransom fee and get your data back ?

The truth is even if you do pay the fee who’s to say you will get your data back. We are dealing with criminals here who have one objective to profit from the attack they have inflicted on you or your business.

The hackers won’t provide you with a customer service telephone number you can call after making Payment so you can have a friendly chat about getting your data back. According to the latest data, only 1 in 5 people who paid the ransom fee to cyber criminals have received the encryption key to access the encrypted data.

Why you shouldn’t pay the ransomware fee

  1. If you pay the ransom to get your data back who is to say the cybercriminals will give you the encryption key to the encrypted data?
  2. Even if you do get the encryption key it may only give you access to 50 or 80% of the data and you will be forced to pay more to access the other data.
  3. The cybercriminals may already have made a copy of your data before encrypted it which will be sold on the dark web to the highest bidder or used to bribe you for money.
  4. The hacker may have left a backdoor on your system so they can come back later to obtain more information from your business
  5. The ransomware could be a distraction to take your attention away from what the cybercriminals are really doing on your network.
  6. If you pay the ransom you to open yourself up to the criminals who know who you are and will do research on you, your business, friends or family to obtain more money.

What should you do?

  1. Restore your data from a known clean backup ASAP. It is very important to ensure the data you are restoring is clean with no possible backdoors, viruses or hidden ransomware. You need to discuss this with your data backup provider or IT team.
  2. Contact the authorities to make them aware of what of the attack and issue as this is a criminal act and they need to be made of aware of it.
  3. Communicate with your customers, it hackers have got access to your network and data you need to make customers aware of it. The last thing you need for your customers to find out that their data has been leaked and sold on the dark web.

The bottom line is we are dealing with criminals who have one objective to make money. You don’t know them and they don’t care about what happens to you or your business. It is vital that your backup your data as this will help you recover from a ransomware attack