Our IT Support Team Explains Why Paying Ransomware is Becoming Less and Less Affordable

Our IT Support Team Explains Why Paying Ransomware is Becoming Less and Less Affordable

There is extensive debate as to whether it is prudent to pay ransomware or simply let it run its course. Unfortunately, for those who consider paying the ransom, doing so is becoming that much more costly as detailed below by our IT support specialists. The bottom line is if everyone stopped paying ransoms to those who implement ransomware, it would bring an end to this nasty digital attack.

Recognize the True Costs of Ransomware

Criminal activity on the web continues to increase in frequency and magnitude. If you own or manage a business, there will likely come a point in time when you have to deal with ransomware. The question is whether it is prudent to pay the ransom. In some cases, businesses simply cannot afford to pay the ransom. It is quite possible you will end up with ransomware that encrypts your network and computers, yet you won’t have the money necessary to cover the requested ransom.

Furthermore, even if you pay an egregiously costly ransom, there is a chance the hacker will simply take the money and leave your system fully encrypted, meaning your team will be locked out from using it. This is precisely why more and more cybersecurity experts are advising business owners and managers not to pay ransoms.

There is also a latent cost to paying ransomware in that it finances subsequent ransomware activities that make life even more difficult for businesses including those who work in IT support. If everyone refrained from giving in to ransomware attackers’ demands, these web criminals would have to find another, more honest, way to make a living.

Consider the Treasury Department’s Advice Pertaining to Ransomware

The Treasury Department has not advised businesses to simply avoid paying the ransom demanded by those who use ransomware for digital attacks. Rather, the Treasury Department has stated the federal government might hit businesses that pay ransoms with considerable fines. The bottom line is paying such a ransom might constitute a violation of the terms set by the Treasury Office of Foreign Assets Control.

The truth behind ransomware attacks is many of those responsible for these digital schemes operate out of countries that the United States has subjected to significant economic sanctions. If business owners pay the ransoms requested by the attackers in these countries, they will essentially finance the destruction of our nation's national security. This is precisely why the Treasury Department is now stating businesses that pay ransomware demands will be forced to pay millions of dollars in fines to the federal government.

In other words, it is becoming egregiously expensive to satisfy the demands of ransomware attackers. If you are hit with such an attack, consider the true cost, inclusive of the fines paid to the federal government, should you pony up the money to satisfy the demands of the ransomware attacker.

Vitalpoints can help you avoid ransomware and other digital security threats. Even if you simply need tech assistance, you can benefit from our IT support services. Contact us now to learn more about our services and schedule an initial consultation.