IT consulting professionals on Long Island always tell business communities, peers, and clients to never pay ransomware extortion. There are a lot of reasons for this, and it can be a hard decision when mission-critical data is being held for ransom. Accordingly, prepare in advance so such situations can’t hamstring operations
Key Collateral Dangers Involved with Ransomware
Managed IT services providers on Long Island advise multiple backups located on and off-site, as well as backup management and failover protection protocols. Essentially, there need to be practices and policies in place for recovery in the wake of a ransomware event. If you don’t have such means in place, and you pay the amount the hackers ask, you’re opening yourself up to even more troubles. Consider this:
Collateral Ransomware Expenses: PR Diminishment and Profit Losses
IT consulting experts on Long Island warn businesses that paying ransomware fines will generally be something that becomes public. Consider, for instance, the recent ransomware event with that pipeline in the eastern United States.
The company paid out the ransom. Not only did their lax security cost everybody they served, but they further made themselves weak in the public eye. Businesses with whom they may have worked in the future will be more leery of them now; as will those in the public who can.
Small businesses are in even more danger because there’s already a subconscious expectation of “less than apex” security. So paying a ransom hits bank accounts, results in poor PR, and initiates collateral profit losses for many affected businesses.
Compound Fines: The Treasury Department Penalizes Ransomware Payment
According to the linked article, the treasury department will now fine you for paying ransomware fees. Not only do you have to contend with the impact of losses owing to exorbitant ransoms, but the government also will hit you again. It’s paramount to have requisite security so such events can be avoided.
The Threat of Additional Instances Where Cybercriminals Extort Data Networks
Many cybercriminals are lazy opportunists, and they’ll put in hidden viruses which manifest more than once. Pay the ransomware, and the data you now have access to may have another ransomware bug hidden in it that jumps out of nowhere again, forcing an additional ransom.
Staying Ransom Free: Don’t Pay the Hackers
Our IT consulting professionals on Long Island advise you never pay ransomware fees. It’s bad PR, the government can fine you, and you might get ransomed again. Instead, set up top-tier security in advance. Contact us at Total Technology Solutions to learn more.