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Preparing to pay a hacker ransom is a 'dangerous game'

We recently reported on a story how a lot of companies are stacking up bitcoin to be able to pay up when they get struck down by ransomware. Yep, instead of strengthening their security measures and educating their employees on the dangers of phishing and other online scams, businesses are getting ready to pay up before they're even attacked.

They're even ready to pay as much as £50,000 to get their business-critical data back.

The entire piece can be found on this link.

Reacting on the news, Jan Vidar Krey, Head of Development at security firm Promon, said hackers are reaching new levels of expertise and that, basically, no one is safe anymore.

"While stockpiling bitcoin may be an effective emergency strategy for a rainy day, companies that use this as their primary line of defence are playing an extremely dangerous, and potentially costly, game,” he said.

“What is clear from this research is that companies are still not doing enough to prevent hackers from infiltrating their systems. If a cybercriminal manages to inflict a data breach, there will inevitably be serious consequences for the affected business, whether or not you have the funds to pay the ransom. Reputations will be damaged, and the financial outlay required to build up a cryptocurrency stockpile means valuable funds are used up, when they could be allocated more effectively elsewhere.”

According to Krey, businesses should be focused more on protecting their own systems.

“Software that can provide exceptional levels of protection is now widely available, and is a much more reliable, cost-effective option than waiting for an attack and then trying to negotiate with a hacker. It’s time organisations stopped gambling with cybersecurity, and focused on adequate protection rather than paying ransoms.”

Photo credit: wsf-s / Shutterstock

Sead Fadilpašić

Sead is a freelance journalist with more than 15 years of experience in writing various types of content, from blogs, whitepapers, and reviews to ebooks, and many more, across sites including Al Jazeera Balkans, TechRadar Pro, IT Pro Portal, and CryptoNews.