A ransomware task force in Singapore has recommended that it be made mandatory for companies to report ransom payments. Sygnia’s vice president of cyber security service in APAC weighs up the considerations behind ransom payments.
deciding whether to pay or not
Companies must consider not only the ransom amount itself but also what it costs to repair the damage caused by the attack. The overall damage depends on several aspects - the cost of service outage, reputation, and regulator's fines, among others. When it comes to data loss, the risk largely depends on the data's sensitivity. For example,are way less valuable for the attackers than identification cards, passport copies or medical records.
Irrespective of whether a company decides to pay or not pay the ransom, it's usually a good idea to negotiate with the attackers. But most CEOs and chief financial officers have never dealt with a threat actor. For this reason, they should engage a professional negotiator who knows what to say and what not to say and better understands which potential tactics to deploy.
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