With a 74% increase in global ransomware attacks from 2022 to 2023, businesses have a right to be worried about what they’ll do if they become the next victim. What should your ransomware incident response be: fight back or pay the ransom? And if you decide to fight back, how do you go about it?
Our cybersecurity experts at ANC Group have put together this guide to help you make the best ransomware incident response decision for your business.
Understanding Ransomware and Its Impact on Businesses
Ransomware is a type of malware that encrypts a victim’s data, rendering it inaccessible until a ransom is paid to the attacker. The ransom is often demanded in untraceable cryptocurrency, with promises to restore the encrypted data upon payment.
The implications of a ransomware attack can range from operational downtime and financial losses to reputational damage and regulatory penalties—all of which can profoundly disrupt a business.
Why Companies Consider Paying
Under immense pressure, many organizations choose to pay the ransom quickly as their ransomware incident response. Common motivations include:
- Minimizing Downtime: Time is money, especially for businesses that rely on immediate data access to provide services or keep operations running smoothly.
- Protecting Sensitive Data: If sensitive customer, employee, or proprietary data is at risk, companies may pay to prevent the release or misuse of the data.
- Restoring Critical Operations Quickly: For industries like healthcare, where delays can jeopardize lives, paying the ransom may feel like the only viable option.
While paying might seem like the fastest solution, it’s not without significant risks.
Assessing the Risks of Paying the Ransom
Paying the ransom is a gamble—there’s no guarantee the situation will play out as you hope. Here’s why it’s risky.
No Guarantee of Data Recovery
Even if the attacker provides a decryption key, it may not fully restore your data or systems. Decryption processes often take longer than expected and may leave critical files corrupted.
Potential Legal and Ethical Implications
Some jurisdictions are cracking down on paying ransoms, citing that such payments may inadvertently fund illicit activities. Organizations must consider whether paying up could lead to legal repercussions or compliance violations.
Risk of Repeated Attacks
Once attackers know you’re willing to pay, your organization could become a repeat target in future incidents. Paying the ransom signals vulnerability, encouraging criminals to strike again.
Costs Beyond the Ransom
The ransom payment itself is only a fraction of the total cost. Businesses must also account for expenses related to incident response, system recovery, legal fees, regulatory fines, and potential long-term reputational damage.
Reasons to Fight Back and Avoid Payment
Although fighting back may take time and effort, it can have long-lasting benefits for businesses. Here’s why resisting is worth considering as your ransomware incident response.
Long-Term Cost Savings
By investing in incident response and recovery instead of paying the ransom, businesses can build resilience for the future. This approach mitigates long-term financial risks, including repeat attacks.
Building Customer Trust
Customers value organizations that demonstrate accountability and transparency, especially during crises. Choosing not to pay reflects a commitment to strong cybersecurity practices and ethical decision-making.
Reducing Criminal Incentives
Paying ransoms fuels the ongoing success of ransomware schemes. Fighting back helps disrupt these criminal enterprises, creating fewer incentives for future attacks.
Key Considerations Before Making the Decision
Whether you decide to pay the ransom or resist, there are key factors to evaluate first.
Data Backup and Recovery Options
Do you have current backups of your critical data? A strong backup strategy can significantly reduce the need to consider paying the ransom. Regularly test your backups to ensure quick restoration during emergencies.
Business Continuity and Downtime Impact
Assess the potential downtime your business can sustain without access to encrypted data. If you’ve prepared a business continuity plan, activate it to manage operations as you recover.
Legal and Insurance Obligations
Consult with legal advisors and your insurance provider to understand the compliance risks and potential coverage available for ransomware-related losses.
Risk of Sensitive Data Exposure
If attackers threaten to release sensitive data, evaluate the potential damage this could cause. Could it breach regulatory requirements? Harm your customers? Damage your reputation?
Steps to Take If You Decide to Fight Back
For organizations that choose to resist, a strategic approach is essential. Here are steps to guide your ransomware incident response.
1. Contain and Isolate the Attack
Immediately disconnect infected devices from your network to prevent the ransomware from spreading. Notify your IT team and other stakeholders.
2. Restore from Backups
Access your most recent data backups to restore critical files and systems. Cloud-based and offsite backups are especially useful during ransomware recovery.
3. Engage Cybersecurity Incident Response Teams
Bring in professional cybersecurity teams experienced in handling ransomware incidents. Experts can help analyze the breach, mitigate damage, and prevent further attacks.
4. Communicate Transparently
Inform stakeholders, employees, and customers about the attack, providing clear updates on your recovery efforts. Transparent communication builds trust and demonstrates that you’re taking the situation seriously.
Fight Back with the Right Help
Ransomware attacks are a challenging reality, but with the right preparation and support, businesses can emerge stronger. Whether you’re strengthening your ransomware incident response strategy or recovering from an attack, expert guidance can make all the difference.
At ANC Group, we specialize in cybersecurity services, including ransomware incident response and prevention. Our team can help safeguard your business and guide you through the complexities of recovering from ransomware.
Contact our team today and learn how we can protect your assets, reputation, and future.
