Browse the comments on virtually any story about a ransomware attack and you will almost surely encounter the view that the victim organization could have avoided paying their extortionists if only they’d had proper data backups. But the ugly truth is there are many non-obvious reasons why victims end up paying even when they have done nearly everything right from a data backup perspective.
Some of the world’s top tech firms are backing a new industry task force focused on disrupting cybercriminal ransomware gangs by limiting their ability to get paid, and targeting the individuals and finances of the organized thieves behind these crimes.
Companies hit by ransomware often face a dual threat: Even if they avoid paying the ransom and can restore things from scratch, about half the time the attackers also threaten to release sensitive stolen data unless the victim pays for a promise to have the data deleted. Leaving aside the notion that victims might have any real expectation the attackers will actually destroy the stolen data, new research suggests a fair number of victims who do pay up may see some or all of the stolen data published anyway.
In late May, KrebsOnSecurity alerted numerous officials in Florence, Ala. that their information technology systems had been infiltrated by hackers who specialize in deploying ransomware. Nevertheless, on Friday, June 5, the intruders sprang their attack, deploying ransomware and demanding nearly $300,000 worth of bitcoin. City officials now say they plan to pay the ransom demand, in hopes of keeping the personal data of their citizens off of the Internet.
Diebold Nixdorf, a major provider of automatic teller machines (ATMs) and payment technology to banks and retailers, recently suffered a ransomware attack that disrupted some operations. The company says the hackers never touched its ATMs or customer networks, and that the intrusion only affected its corporate network.
Ransomware — malicious software that encrypts the victim’s files and holds them hostage unless and until the victim pays a ransom in Bitcoin — has emerged as a potent and increasingly common threat online. But many Internet users are unaware that ransomware also can just as easily seize control over files stored on cloud services.