Why do firms chose to pay ransoms to hackers

Why do firms chose to pay ransoms to hackers

Well, nobody wants to pay a ransom, and that’s the beginning for all of these. You have to look at the risk. If you are a ransomware actor, you break into health care, and you impact the devices that maintain human life, the risk calculus is different in regards of payment of ransomware than if you run another type of business. Ransomware actors are targeting specific industires and public companies, recognizing the likelihood of being paid is far higher in those industries.

Ransomware is a growing problem, and companies aren’t making it any better by paying hackers the ransoms they’re demanding. The meat supplier JBS USA paid an $11 million ransom in response to a cyberattack that led to the shutdown of its entire US beef processing operation last week, the company said in a statement Wednesday evening. The Colonial Pipeline operator paid a similar ransom last month. But Kevin Mandia, CEO of cybersecurity company FireEye (FEYE) is sympathetic to his customers who pay ransoms. First Move’s Julia Chatterley spoke to Mandia Thursday.

We are an international community. The internet connected all of us and been around since the 1980s. We got to figure out how we are going to work globally on this. If you want to be a part of the global economy, the bottom line is there are rules you have to follow. I think the answer is not just technological it is also diplomacy. It is going to take nations banding together to figure out what we are going to do about this. Most people think it has crossed the line of toleration.

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