• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Jobs
  • Career
    • Cyber Security Training
    • Work from Home
    • Cyber Security Analyst
    • Remote Work – Six Ways to Keep Your Data Safe When Working Remotely
  • Field Guide
  • Newsletter Signup
  • Deals
  • News
AskCyberSecurity.com

AskCyberSecurity.com

Cyber Security News & Information

  • Home
  • Data Privacy
    • Gamers
    • Government Cyber Security
      • Legislation
      • Standards
        • What are the risks of computer security?
        • Medical Cyber Security
    • Social Media
  • Security
    • Data Breaches
    • Scams
    • Malware
  • Software
    • Apps
    • Web Browsers
  • Glossary
    • Cyber Security Acronyms
  • About Ask Cyber Security
    • Authors
    • Contact Us
  • VPN
    • How Do I Know If My VPN is Working?
    • Best Free VPN iPhone
    • Why Use a VPN?
    • NordVPN vs IPVanish
    • Private Internet Access Download
    • Best VPN for Streaming
      • TikTok VPN
    • VPN Porn
    • Computer Security Software – What You Really Need
  • Tutorials
  • ChatGPT
    • Does ChatGPT Save Data?
AskCyber Home » News » News » Neustar Reports Most Businesses Would Pay Ransomware Demands

Neustar Reports Most Businesses Would Pay Ransomware Demands

2021-06-18 by Grace Choi

More Than Half Say They Might Pay Off Ransomware Attackers

According to a study conducted by Neustar International Security Council, 60% of businesses would consider paying a ransom to ransomware attackers in the event of an attack. Of the businesses surveyed, only 1 out of 5 businesses would be willing to raise the annual expenses by 20% to repair damage caused by such attacks.

Furthermore, 80% of respondents are strongly in favor of defending against ransomware attacks. Effective defense would prevent the halting of operations or the payment of ransoms. 69% of respondents view ransomware as a top concern compared to other attack vectors. In light of recent ransomware incidents, many are giving special attention to cyber security and how to implement more protection in their operations.

The Ransom Debate

The FBI warns the public that paying ransoms to threat actors will encourage them to attack again, however recent ransomware attacks have all resulted in ransom payments. While some strongly believe that paying ransom is never the right approach, there are also matters of business survival and national infrastructure maintenance that is necessary to consider. In the event that an attacker encrypts a company’s systems, they will be unable to function or conduct business without a decryption key. Decryption of encrypted data is a time-consuming task, even with a decryption key, let alone trying to do so without one. Decryption keys are offered by ransomware attackers in exchange for a ransom payment.

The recent ransomware attack on Colonial Pipeline demanded a ransom in exchange for a decryption key, and the largest U.S. pipeline agreed to the exchange. This was after fuel shortage induced panic spread rapidly through the U.S. northeast. JBS foods, a meat processing company, was also the victim of a ransomware attack that forced them to shut down their servers to protect the integrity of their systems. The company also paid a ransom to their attackers.

While the above examples show the possible catastrophic outcomes from following the FBI’s suggestions, there is also the case of Vastaamo. The Finnish mental health startup paid ransom, but had a very different outcome. Vastaamo offered a streamlined approach to mental healthcare, where patients and therapists could connect on an online network to schedule appointments and keep notes. Notes included private psychotherapy session details, including sensitive topics such as pedophilic thoughts, infidelity, and more. Patients ranged from civilians to politicians, and the attacker not only demanded ransom from the company but from individuals as well. Under threat of exposure, patients scrambled to pay off their ransom while the company allegedly did the same. Nonetheless, the stolen database was still released to the public, and Vastaamo was forced to shut down.

The story of Vastaamo is not only a warning to companies to take cybersecurity seriously, but also to the public about what paying ransom cannot ensure. There is no guarantee that an attacker will keep their end of an agreement, and paying ransom encourages further ransomware attacks. Ransomware is considered the most lucrative ways for hackers to attack, and continuing to pay ransom will keep it that way.

Source: InfoSecurity

SEE ALSO Should You Allow Sites to Check If You Have Payment Methods Saved?

Filed Under: News Tagged With: ransomware

Primary Sidebar

Subscribe to Our Free Newsletter

We Don't Share or Sell Your Info

Web Browsers

Where Are My Saved Passwords in Chrome?

Google Removes 70 Malicious Browser Add-ons from Chrome Web Store

Firefox 75 Reports Your Browser Settings to Mozilla

Categories

Cyber Security Field Guide

Computer Security While TravelingGet Our Cyber Security Field Guide - Available on Amazon!

Recent Posts

Security Marketing Manager – Remote

Sr. Associate, Cybersecurity Architect – Pfizer

Strategic Customer Success Manager – Cybersecurity – Opportunity for Working Remotely

Top 20 Passwords Leaked on Dark Web

ISU Cybersecurity Leader Job Opening

Cyber Security News

Top 20 Passwords Leaked on Dark Web

… [Read More...] about Top 20 Passwords Leaked on Dark Web

Apple Warns of Actively Exploited Zero-Day Flaw

… [Read More...] about Apple Warns of Actively Exploited Zero-Day Flaw

IRS Stops Facial Recognition System for Online Access

… [Read More...] about IRS Stops Facial Recognition System for Online Access

National Cybersecurity Alliance Announces Data Privacy Week

… [Read More...] about National Cybersecurity Alliance Announces Data Privacy Week

More Cyber Security News

Tags

amazon Android Apple bitcoin China chrome CISA credit card DarkSide DHS DOJ Equifax Europe Facebook facial recognition FBI Firefox FTC games GDPR Google Government hacker identity theft India iPhone Iran IRS LinkedIn Microsoft North Korea PayPal phishing phishing email ransomware REvil Russia smartphone T-Mobile TikTok tutorial VPN WhatsApp WiFi Windows

Government

CBP Looks to Access Airline Passenger Data

FTC Releases Cyber Threat Video Playlist

Malware Found on US Government Funded Phones

UK NCA Reaches Out to Youth to Deter Cybercrimes

More Posts from this Category

Footer

Menu

  • Home
  • About
  • Authors
  • Newsletter Signup
  • PRIVACY POLICY

Search

Why Use a VPN?

NordVPN vs IPVanish VPN Review

NAVIGATION

  • Data Breaches
  • Data Privacy
  • Gamers
  • Scams
  • Malware

MEMBER NJCCIC

New Jersey Cybersecurity & Communications Integration Cell

STAY CONNECTED

  • Facebook
  • Instagram
  • Pinterest
  • YouTube
  • Twitter
  • RSS

Copyright © 2023 · AskCyberSecurity.com · METRONY, LLC

Go to mobile version