Paying ransom for data stolen in cyberattack bankrolls further crime, experts caution

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Organizations are finding themselves on the receiving end of cyberattacks, including ransomware, where they're under pressure to pay hackers for access to their stolen data. Despite the potential interruptions, experts say ceding to attackers' demands isn't always the solution.Organizations big and small are finding themselves victims of cyberattacks, including ransomware, where they're under pressure to pay hackers for access to their stolen data.

"I think that the payment of the ransom, even if you say this is worth it ...

In the case of St. Marys, Strathdee said it's likely the malware, LockBit 3.0, was in the municipal IT system "for quite some time," and perpetrators claimed to have stolen and encrypted data. The mayor said that at the time of the attack in July 2022, the town was in the process of strengthening its security by moving many of its services to cloud-based systems.Al Strathdee is the mayor of St. Marys, in southwestern Ontario.

Sixty per cent of small and medium-sized businesses in Canada are below that poverty line, said Dehghantanha, who is also a Canada Research Chair in cybersecurity and threat intelligence. "Those people who are experts in this field can make the judgment call there whether that specific hacking team has a reputation to return back the data, looking at the nature of the ransomware whether it's something that can be even retrieved," Dehghantanha said.Data breaches, hacks and ransomware attacks seem to be in the news more often.

The threat of cyberattacks isn't going anywhere, experts say. Governments need to do more to support organizations facing threats, they argue, while artificial intelligence tools coming onto the market will provide more proactive monitoring.Criminal hackers 'very likely' to pose threat to national security, economy in near term: report

 

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