'If you pay, you're fuelling global organised crime'

guest · Dec 20, 2019

100% Rise in Number of UK Businesses Paying Hacking Ransoms
December 20, 2019
https://www.infosecurity-magazine.com/news/more-uk-businesses-paying-hacking/

New research into the attitudes and beliefs of cybersecurity professionals has identified a sharp rise in the number of businesses paying up when stung by a ransomware attack.

The 2019 Global Security Attitude Survey Report by California cybersecurity technology company CrowdStrike shows that the number of global organizations paying ransoms from supply-chain attacks has more than doubled from 14 to 39 percent in the past year.
In the UK, over the same time period, the number of businesses coughing up their money after being held to ransom by threat actors has increased by 100 percent from 14 percent to 28 percent.
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guest · Jan 22, 2020

N.Y. Senator Carlucci Introduces Bill That Prohibits Paying Ransom
January 21, 2020
https://www.securitymagazine.com/ar...-introduces-bill-that-prohibits-paying-ransom

New York Senator David Carlucci introduced Senate Bill S7289 that would ban the paying of ransom.

The bill prohibits municipal corporations or other government entities from paying ransom in the event of a cyber-attack against them. In addition, the bill defines a cyber attack as "a virtual attack against the critical infrastructure, as defined in subdivision five of section eighty-six of the public officers law, of a municipal corporation or other government entity."

“This legislation will make it clear that those looking to do harm, looking to make money by instituting ran somewhere tax, that they won’t be profitable because it’ll be illegal for municipalities to pay their ransom,” Carlucci said, according to WSYR-TV.
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ronjor · Jan 23, 2020

Some hackers take the ransom and run: researchers

January 23, 2020
Paying off hackers after a ransomware infection could end up being a total loss, according to a study released Thursday which finds some attackers just take the money and run.
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ronjor · Feb 4, 2020

Ransomware Attacks: Why It Should Be Illegal to Pay the Ransom

2/4/2020 Fleming Shi
For cities, states and towns, paying up is short-sighted and only makes the problem worse.
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guest · Feb 6, 2020

How ransomware insurance that protects companies and communities can also embolden criminals
February 6, 2020
https://www.cbc.ca/news/technology/ransomware-cyber-insurance-pros-and-cons-1.5453619

At a public meeting last August, the town's insurance provider pitched a new type of policy that he said a growing number of municipalities are buying: coverage against cyberattacks.

"By purchasing this layer of protection, you can have a little peace of mind," Wally McNeilly, of Aon Risk Solutions, told the councillors.
However, some security experts warn that insuring against attacks — and, in particular, paying ransoms — is likely to embolden hackers by increasing their confidence they can get paid.
Insurance coverage on the rise
But as the insurance industry makes more money from the policies, criminal networks appear to be profiting, too, by demanding more expensive ransoms.

Security experts have warned that some insurance firms may be too quick to pay ransom — judging that it's faster and cheaper (and more likely to work) than attempting to manually recover data with technical expertise. The problem is paying only encourages hackers to spread more malware, experts say.
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ronjor · Feb 7, 2020

As more refuse to pay, ransomware fight is getting nastier

Sean Gallagher - 2/7/2020
Ransomware operators stealing data before they encrypt means backups are not enough.
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Rasheed187 · Feb 8, 2020

Well, perhaps this was already posted but the University of Maastricht decided to pay the 200.000 euro, because it was the quickest way to restore all operations after a ransomware attack. They have now protected their systems with Carbon Black.

https://www.dutchnews.nl/news/2020/...ise-maastricht-uni-comes-clean-on-ransomware/

guest · Feb 11, 2020

Ransomware Attacks Are Causing Cyber Insurance Rates to Go Through the Roof; Premiums up as Much as 25 Percent
February 10, 2020
https://www.cpomagazine.com/cyber-s...h-the-roof-premiums-up-as-much-as-25-percent/

After a brief lull, ransomware attacks have roared back as a major and persistent security problem in the past year. These attacks have become so frequent and so widespread that cyber insurance rates are spiking, with Reuters reporting some premiums increasing as much as 25% in price.
The ransom demands do tend to scale with the size of the company, but insurance giant Allianz SE reports that hackers are becoming increasingly aggressive in their demands on medium-sized organizations.

Insurance companies are more frequently advising clients to pay the ransom when they have coverage, as that is seen as the least expensive resolution with the lowest amount of business interruption. However, this can backfire and simply increase costs when hackers take the money but do not unlock the computer systems.

All of this has driven cyber insurance rates up from 5% to 25% in the past several months, according to research conducted by insurance and risk management firm Marsh & McLennan Companies.
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guest · Feb 20, 2020

The ransomware dilemma: To pay or not to pay?
Ransomware victims face a "devil's bargain" over paying demands
February 20, 2020
https://www.protocol.com/ransomware-should-you-pay-hackers

Ransomware victims often find themselves in what feels like an impossible position: There are endless decisions to be made, but it's a race against the clock to save computer systems and data.

That's what New Orleans city officials learned firsthand in the early morning hours on a Friday in December.
City officials had a game plan in place to guide them through some of the toughest decisions ransomware victims face — the biggest being whether or not to pay the demand.

The financial impact of the attack is still uncertain. A city spokesperson said that the current estimated cost of the attack is $7.2 million, adding that he "wouldn't be shocked if it got higher."
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Because ransomware affects a range of organizations, the decision to pay can't be one-size-fits-all, according to Chris Hallenbeck, CISO for the Americas at cybersecurity firm Tanium.

"In an ideal world, no one pays the ransom," he said. "It's feeding the beast and creating an ecosystem that encourages criminals. But the reality of many organizations is that every day they're down there's massive impacts to the services they provide."
Overall, about a third of companies pay the ransom, according to security firm Emisisoft.
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guest · Feb 21, 2020

Swiss Cybersecurity Body Urges Businesses to Stop Paying Ransomware Demands, Exposes Lax Security Practices
February 20, 2020
https://businessinsights.bitdefende...omware-demands-exposes-lax-security-practices

Switzerland’s Reporting and Analysis Centre for Information Assurance (MELANI) has issued an urgent security notice addressing Swiss-based companies that have recently suffered cyber-attacks.

The federal agency, created with the mission to protect critical infrastructures, urges these firms, and others like them, to think twice before paying the ransom.
According to the advisory, published yesterday, MELANI has dealt with more than a dozen ransomware infections at large companies across Switzerland. Many of the systems were rendered unusable, as attackers demanded ransoms ranging from tens of thousands to millions of Swiss francs.
As long as companies pay ransom, “attackers will never stop blackmailing”
The document provides recommendations on how to address each headcount. MELANI also urges companies in Switzerland to refrain from paying ransom.

“If systems have been encrypted by ransomware, MELANI advises against making a ransom payment,” it says. “As a general rule, MELANI does not recommend paying because the money will support the hacker's infrastructure. It should also be noted that even if a ransom is paid, there is no guarantee that the blackmailer will decrypt the data.”
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MELANI: Beware: Ransomware continues to pose a significant security risk for SMEs

guest · Mar 3, 2020

German BSI Tells Local Govt Authorities Not to Pay Ransoms
March 3, 2020
https://www.bleepingcomputer.com/ne...ls-local-govt-authorities-not-to-pay-ransoms/

BSI, Germany's federal cybersecurity agency, recommends local governments and municipal institutions not to pay the ransoms asked by attackers after they get affected by ransomware attacks.

Germany's Federal Office for Information Security (aka BSI, short for Bundesamt für Sicherheit in der Informationstechnik) in collaboration with the Federal Criminal Police Office (BKA) also issued recommendations for local authorities on how to deal with ransom demands following an increasing number of such attacks.
Local authorities advised not to respond to extortionists

"We must not give in to such ransom demands. It must be clear that municipal administrations cannot be blackmailed," they said. "Otherwise, criminals will be offered incentives to continue their actions. The attitude of our administrations must be crystal-clear and non-negotiable."
BKA President Holger Münch also said that local authorities impacted by ransomware attacks should never respond to ransom requests to avoid supporting the extortionists' 'business model'.
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"The best protection against ransom demands from cybercriminals is consistently implemented IT security measures," BSI President Arne Schönbohm added.
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ronjor · May 15, 2020

Paying Ransomware Crooks Doubles Clean-up Costs, Report

Elizabeth Montalbano May 15, 2020
Paying ransom to cybercriminals costs companies hit with ransomware attacks more than recovering data on their own, according to a new research.
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guest · Jun 8, 2020

Ransomware attack: Why a small business paid the $150,000 ransom
June 8, 2020
https://www.techrepublic.com/articl...iness-paid-the-150000-ransom/#ftag=RSS56d97e7

TechRepublic's Karen Roby talked with the CFO of a small company in Kentucky that fell victim to a ransomware attack. The following is an edited transcript of their conversation.

His company chose not to get authorities involved given the value that was at stake, and the company's immediate need to gain back control of its network. We're hoping his first-hand account will help you better understand what these types of ransomware attacks look like and give you an idea of how to better protect your own organization.
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guest · Jun 21, 2020

‘Chilling’ report suggests one in six firms pay ransoms to hackers
June 22, 2020
https://www.lbcnews.co.uk/business/0f95adb01482476aa6ec407ee5bca6b7/

One in six firms met the demands of hackers last year by paying out ransoms, according to the “chilling” findings of a report on cyber crime.

The annual Hiscox Cyber Readiness Report revealed that 6% of the 5,569 firms polled – and one in six of those attacked – had surrendered by paying a ransom following a cyber attack.
The highest losses for a single firm targeted with ransomware hit 50 million US dollars (£40.2 million).
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ronjor · Oct 1, 2020

01 Oct 2020
Ransomware Victims That Pay Up Could Incur Steep Fines from Uncle Sam
Companies victimized by ransomware and firms that facilitate negotiations with ransomware extortionists could face steep fines from the U.S. federal government if the crooks who profit from the attack are already under economic sanctions, the Treasury Department warned today.
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https://krebsonsecurity.com/2020/10...ay-up-could-incur-steep-fines-from-uncle-sam/

guest · Oct 4, 2020

Was OFAC's Advisory an October Surprise or More of the Same?
October 3, 2020
https://www.bakerlaw.com/alerts/was-ofacs-advisory-an-october-surprise-or-more-of-the-same

Ransomware has hit pandemic proportions and there does not seem to be a clear end in sight. On October 1, 2020, the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) issued an advisory regarding ransom payments and the risk of sanctions associated with such payments.

One of the initial questions that our clients ask us is whether companies actually pay ransom and whether there is any prohibition against making payments. Yes, companies pay ransom. And, we are seeing payments made on a daily basis—that’s how big this issue is.
Questions have always been raised about who these threat actors are and where they are located. Attribution is extremely difficult and always has been in the cybersecurity space.
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Speculation by these bloggers cannot be relied upon and is insufficient to support or cast doubt on the appropriateness of a payment.
Companies can and must rely on their own thorough due diligence efforts and risk-based compliance programs. And, the OFAC guidance includes and supports steps that companies are already taking as part of the process.

The OFAC guidance identifies additional U.S. Government resources to contact if a company believes that a ransom payment may involve a nexus to a sanctioned entity or group. Although it will be viewed on a case-by-case basis, in light of the advisory’s clear focus on working closely with law enforcement, reliance on the blogosphere is doubly risky when concrete information may be secured from the FBI.
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ronjor · Nov 5, 2020

Why Paying to Delete Stolen Data is Bonkers
04 Nov 2020

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.
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guest · Dec 1, 2020

The Painful Calculus of Ransomware Payments
December 1, 2020
https://duo.com/decipher/the-painful-calculus-of-ransomware-payments

For several years, ransomware actors focused their attention on individual victims, using large malicious spam campaigns that deployed automated malware to encrypt victims’ files. The ransom demands were typically pretty small, [...] but a few years ago some groups began to shift their targeting to enterprises and state and local government entities, surmising correctly that there was much more money to be made with big game hunting.

Those groups found that if they hit the right organization, victims were willing to pay hundreds of thousands or even millions of dollars in order to get their networks back up and running.
It didn’t take long for the other ransomware groups to take notice and get on the bandwagon,
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But the payment decision is never simple and often it comes down to whether the victim organization has viable backups and how long it can afford to be offline. That decision can be even more complicated for government agencies or critical infrastructure operators that have obligations to the public at large.

“This is something that’s been a pain point for me. Some of the entities that have cyber insurance are being highly encouraged to pay the ransom. It’s a vicious cycle so we have to take the approach of not paying.”
To that end, Thompson said the North Carolina legislature is working on a bill that would prohibit state entities from paying ransom.
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hawki · Feb 2, 2021

"Ransomware payments are going down as more victims decide not to pay up...

Analysis by cybersecurity company Coveware has found that the average ransom payment paid following a ransomware attack decreased by a third in the final quarter of 2020, dropping to $154,108 from $233,817 during the previous three months.

The company attributes the drop in the average ransom payment to victims choosing not to give into demands to pay bitcoin in exchange for the decryption key, which the criminals claim will restore the network to working order...

https://www.zdnet.com/article/ranso...ng-down-as-more-victims-decide-not-to-pay-up/

longshots · Feb 2, 2021

"We've (NCSC) heard of one organisation that paid a ransom (a little under £6.5million with today's exchange rates) and recovered their files (using the supplied decryptor), without any effort to identify the root cause and secure their network. Less than two weeks later, the same attacker attacked the victim's network again, using the same mechanism as before, and re-deployed their ransomware. The victim felt they had no other option but to pay the ransom again".

ronjor · Apr 10, 2021

How do we stamp out the ransomware business model? Ban insurance payouts for one, says ex-GCHQ director

Gareth Corfield Fri 9 Apr 2021
New laws needed to cut off incentive to crooks, argues Marcus Willett
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ronjor · May 15, 2021

Colonial Pipeline paid a $5 million ransom—and kept a vicious cycle turning

Lily Hay Newman, wired.com - 5/15/2021
Stopping payments would go a long way to stopping ransomware.
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ronjor · May 17, 2021

Ransomware: 'We won't pay ransom,' says Ireland after attack on health service

By Daphne Leprince-Ringuet May 17, 2021
Ireland's health services are still recovering from a ransomware attack, but hackers shouldn't expect their demands to be met.
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hawki · May 17, 2021

"Hackers Have Received Over $81M in Crypto since January Due to Ransomware

Blockchain and crypto analytic firm Chainalysis has released its mid-year findings, which show that ransomware victims have paid approximately $81 million worth of crypto this year.

The company noted that the $81 million figure is likely to rise in the coming days as more ransomware addresses are identified and, as such, the figure should be taken as a floor or base at the moment.

According to the report, about $406 million worth of cryptocurrency was paid to ransomware addresses last year..."

https://bitcoinexchangeguide.com/ha...january-due-to-ransomware-chainalysis-report/

hawki · May 19, 2021

"Colonial Pipeline CEO Tells Why He Paid Hackers a $4.4 Million Ransom

Joseph Blount says he needed to quickly restore service after cyberattack threatened East Coast supply...

'...It was the right thing to do for the country'..."

[No Paywall]

https://www.wsj.com/articles/coloni...paid-hackers-a-4-4-million-ransom-11621435636

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