Ransomware is one of the biggest threats facing businesses. An organisation that falls victim to a ransomware attack – which sees cyber criminals use malware to encrypt the network, rendering it inoperable – will quickly find itself unable to do business at all.
Cyber criminals lock down networks like this for one simple reason: it’s the quickest and easiest way to make money from a compromised organization and they’re unlikely to get caught.
The attackers demand a ransom payment in exchange for the decryption key for the files – and throughout 2020 the extortion demands have risen, with ransomware gangs now regularly demanding millions of dollars in bitcoin from victims.
The unfortunate reality is that ransomware continues to be successful because a significant number of victims give in to extortion demands of the criminals by paying the ransom. While the police and cybersecurity companies say organizations shouldn’t pay criminals, many feel as if it’s the quickest and easiest way to restore their network and prevent long-term economic damage – although it still creates plenty of ongoing problems.