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Ransomware is Bad News for Businesses and Organizations Big and Small

Ransomware is Bad News for Businesses and Organizations Big and Small

Should you pay a ransom for a ransomware attack?

How much prep work does a wannabe cybercriminal need to set off a ransomware attack?

Who/what are the targets of ransomware?

These are just some of the questions and topics explored in the recent 60 Minutes feature, Ransomware: How Cybercriminals Hold Data Hostage.

What is ransomware?

Ransomware is a cyberattack that encrypts your computer system’s data, rendering it useless. The criminals ask for a ransom amount, typically in hard-to-trace cryptocurrency, in exchange for decryption keys that will reverse the encryption process.

Ransomware is a serious threat to businesses and organizations large and small.

Credibility keeps the ransomware machine going

Should you pay a ransomware ransom if you get infected?

Some experts believe paying a ransomware ransom may actually be best if you have no other recourse.

Take Leeds, Alabama, for example. The cybercriminals asked for $60,000 and Mayor David Miller said they negotiated down to $6,000. He claims that payment got them keys to decrypt the files that were held hostage.

The City of Atlanta, attacked shortly afterward with ransomware, refused to pay the $50,000 ransom on their encrypted data. As a result, they had to pay millions in recovery.

“Honor” among cybercriminals helps keep the money coming in. If the decryption keys never worked, people would stop paying.

However, take note that there are many busin