There’s No Peace of Mind in Paying a Ransom

Ransomware can be disastrous for any business that gets hit by it, but not always in the way that you might expect. It might threaten business continuity and compromise data security, but it can also directly impact the way that the public views your company. In fact, the decision you make about whether or not to pay the ransom can be a major deciding factor in whether a customer will stick with you.

Of course, the answer to paying the ransom is always going to be a resounding “no.” While not paying the ransom does create certain problems for your business, paying it will certainly also create new ones for you to deal with. We always encourage businesses to avoid paying the ransom because it rewards hackers for their behavior, providing them funds that they can then use to attack other businesses just like yours. Plus, there is never a guarantee that you are getting your data back, even if you do pay up, so why take the risk and be out thousands of dollars? It just doesn’t make sense. Whatever happens, we urge you to contact your trusted IT technician when you get hit by a ransomware attack.

Even if you feel like paying the ransom is your only option, the important thing to remember is that there will always be other options for you to take; and, surprise surprise, people don’t like it when their data is at risk of a ransomware attack, and they really don’t like it when you pay criminals for hacking your systems.

A survey from data management firm Cohesity showcases the opinions of 1,000 consumers in the United States and how they relate to ransomware on a consumer level. Some of these numbers are concerning, to say the least. Here are the statistics:

• 55% of respondents said they would lose confidence in a company or organization if they are impacted by ransomware.
• 54% of respondents claim they would lose confidence in a company if their personal data were breached.
• 29% of respondents claim they would lose confidence in a company if the breach led to any inconvenience on their part.
• 23% of respondents would lose confidence in businesses that pay the ransom.
• 22% of respondents would cease doing business with any organization that pays the ransom.

Paying the ransom not only doesn’t guarantee you access to your data, but it also means that you are affecting your consumers’ views of your business. So, suffice to say, if you pay the ransom, you might be out more than just a couple files or a couple thousand dollars—you might be out of some customers, too.

Ransomware can be an intimidating threat to manage, but with preventative solutions and proper cybersecurity training, you can keep it from impacting your organization. To learn more, reach out to BSGtech at (866) 546-1004.