VIPRE Security Incident

Apr 04, 2024 To Pay Ransomware or Not to PayThat is the Question Malware | Ransomware David Corlette Vice President of Product Management, VIPRE The threat of ransomware is one of the most daunting dangers hanging over organizations. Ransomware is a type of malware that encrypts or restricts access to the targets data, enabling the attackers to demand large sums of money in exchange for the return of their systems. While experts have long stated that businesses should not pay ransoms to bad actors, many choose to pay anyway. It seems like a simple enough solution, but it doesnt always work. Nevertheless, organizations continue to pay ransoms against expert advice, prompting a push from cybersecurity professionals and regulatory entities to make it illegal to pay ransomware ransoms, cutting off that particular revenue stream to cybercriminals. The Current State of Ransomware Although many companies still pay the ransoms demanded by their attackers, the numbers are somewhat promising. The percentage of organizations that pay has reached an all time low of 34%, meaning nearly two-thirds of ransomware targets choose not to pay the ransom. Fewer organizations paying ransoms is a good thing, but experts hope to see this number decrease even further. This is contrasted with a marked increase in payment amounts of ransomware attacks. The average (mean) ransom payment went up 126% between Q1 and Q2 2023, while the median payment increased 20%. From the cybercriminal perspective, this means that fewer attacks are successful in attaining a payout, but those that do are paying more than ever before.This may be due to cybercriminals trying to make up lost revenue from their unsuccessful ransomware attacks. Ransomware can infiltrate target devices through a variety of means, but the most common by far is email. Up to 66% of ransomware infections result from scam or phishing emails, entering an organization via an unsuspecting insider. Cybercriminals have been evolving and...

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