DataBreaches.Net

Menu
  • About
  • Breach Notification Laws
  • Privacy Policy
  • Transparency Report
Menu

Firms That Promised High-Tech Ransomware Solutions Almost Always Just Pay the Hackers

Posted on May 16, 2019 by Dissent

Renee Dudley and Jeff Kao report that two firms that advertised technology solutions to responding to ransomware incidents — Proven Data Recovery of Elmsford, New York and Florida-based MonsterCloud – were really just paying ransom to the attackers.

Read more on ProPublica.

I suspect that ransom payments have been the dirty little secret for the past three years or so. Once the FBI came out at one point and said it didn’t recommend paying ransom, I think firms were more hesitant to disclose that they had paid. Who wants to be named and shamed as a company encouraging attackers by paying them, right?

But payment seems to be happening a lot more than we might have guessed. As a lawyer from a prominent law firm that handles hundreds of breaches every year told me, it’s an economic/business decision.  What is it going to cost you if you don’t pay? That law firm also claims that in 94% of their cases, working decryption keys are obtained when victims pay the ransom.  Both that law firm  and a whitehat from an intel firm tell me that these days, they are seeing 7-figure ransom demands in some cases.

At this rate, I think that paying ransom may become the first option – instead of the last resort  option – for firms that don’t have backups that are usable or can’t afford what could be a lengthy disruption to their business or patient care.  So is every firm looking at their cyberinsurance policy to see if they have coverage to pay ransom in the event of a ransomware attack? Do they know how to obtain BTC in a hurry if they don’t have an incident response firm already on board and ready to react?

The times, they are a-changing.

No related posts.

Category: Breach IncidentsCommentaries and AnalysesMalware

Post navigation

← Whistleblower lawsuit alleges hackers stole $515,000, and Fort Worth employee data was compromised in security breach
Ca: $60 million class-action lawsuit denied by judge →

Now more than ever

"Stand with Ukraine:" above raised hands. The illustration is in blue and yellow, the colors of Ukraine's flag.

Search

Browse by Categories

Recent Posts

  • Russia Jailed Hacker Who Worked for Ukrainian Intelligence to Launch Cyberattacks on Critical Infrastructure
  • Kentfield Hospital victim of cyberattack by World Leaks, patient data involved
  • India’s Max Financial says hacker accessed customer data from its insurance unit
  • Brazil’s central bank service provider hacked, $140M stolen
  • Iranian and Pro-Regime Cyberattacks Against Americans (2011-Present)
  • Nigerian National Pleads Guilty to International Fraud Scheme that Defrauded Elderly U.S. Victims
  • Nova Scotia Power Data Breach Exposed Information of 280,000 Customers
  • No need to hack when it’s leaking: Brandt Kettwick Defense edition
  • SK Telecom to be fined for late data breach report, ordered to waive cancellation fees, criminal investigation into them launched
  • Louis Vuitton Korea suffers cyberattack as customer data leaked

No, You Can’t Buy a Post or an Interview

This site does not accept sponsored posts or link-back arrangements. Inquiries about either are ignored.

And despite what some trolls may try to claim: DataBreaches has never accepted even one dime to interview or report on anyone. Nor will DataBreaches ever pay anyone for data or to interview them.

Want to Get Our RSS Feed?

Grab it here:

https://databreaches.net/feed/

RSS Recent Posts on PogoWasRight.org

  • On July 7, Gemini AI will access your WhatsApp and more. Learn how to disable it on Android.
  • German court awards Facebook user €5,000 for data protection violations
  • Record-Breaking $1.55M CCPA Settlement Against Health Information Website Publisher
  • Ninth Circuit Reviews Website Tracking Class Actions and the Reach of California’s Privacy Law
  • US healthcare offshoring: Navigating patient data privacy laws and regulations
  • Data breach reveals Catwatchful ‘stalkerware’ is spying on thousands of phones
  • Google Trackers: What You Can Actually Escape And What You Can’t

Have a News Tip?

Email: Tips[at]DataBreaches.net

Signal: +1 516-776-7756

Contact Me

Email: info[at]databreaches.net

Mastodon: Infosec.Exchange/@PogoWasRight

Signal: +1 516-776-7756

DMCA Concern: dmca[at]databreaches.net
© 2009 – 2025 DataBreaches.net and DataBreaches LLC. All rights reserved.