Cyber Ransoms: To Pay Or Not To Pay?

Ransomware attacks are an increasingly prevalent form of cyber threat. COVID-19 has contributed to the increase in ransomware attacks, as remote workforces are increasingly dependent on email and therefore susceptible to phishing attacks. In a typical ransomware attack, the hacker encrypts key files and systems at the target organization to cripple its operations and demands a ransom in exchange for decryption keys to unlock the affected systems. In recent years, ransomware attacks have increasingly involved data exfiltration, where the attacker steals sensitive data from the target and threatens to publish it online if the ransom is not paid.

The first question from an organization facing a ransomware attack is invariably: "should we pay the ransom?" Below are our top five tips for approaching that crucial decision point in an informed and practical manner.