Ransomware is a top threat to businesses across sectors, including healthcare, retail, manufacturing, and education, and can have severe financial, legal, and market implications. Subscription-based ransomware models, such as ransomware as a service (RaaS) and initial access brokers (IAB), are on the rise, as are cloud-based ransomware attacks.
Businesses face the difficult decision of whether to pay or not to pay ransomware demands, but security experts advise against paying due to low success rates and the risk of motivating cybercriminals to continue committing extortion. Governments, such as the US and EU, have taken a unified stand on not paying ransomware, and there have been legal precedents for companies paying ransomware demands.
However, there is no guarantee that payment will result in a working decryption key or that the data will be retrievable, and there is a risk of the attacker returning. The best approach is to proactively avert a ransomware attack, plan for any necessary security changes, and consult with security professionals to determine the best approach.