Page 64 - Cyber Defense eMagazine July 2024

Choosing Security: Why Companies Should Reject Ransom

Payments

By Bogdan Glushko, Chief Information Officer, Proven Data

With ransomware attacks reaching unprecedented levels, businesses face tough decisions when their
data is held hostage. While the temptation to pay the ransom to recover data quickly is strong, this
approach poses significant risks and ethical dilemmas.

One of these dilemmas is that victims may fuel cybercriminal activities by paying ransoms, empowering
criminal networks, and perpetuating attacks globally. Also, legal risks loom large, as payments may
violate regulations and support criminal enterprises, potentially leading to sanctions.

Experts encourage robust preventive measures, such as comprehensive backup systems, enhanced
cybersecurity solutions, and professional incident response plans, to mitigate ransomware risks
effectively.

Cyber Defense eMagazine – July 2024 Edition 64
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