Why companies decide to pay hackers ransoms
June 10, 2021. Summarized by summa-bot.
Compression ratio: 29.9%. 1 min read.
Close-up photo of caucasian male hands typing on laptop keyboard and using touchpad. Notebook and pen on foreground of workspace. Business man working on computer. Isolated no face view.
Ransomware is a growing problem, and companies aren't making it any better by paying hackers the ransoms they're demanding.
New York (CNN Business)Ransomware is a growing problem, and companies aren't making it any better by paying hackers the ransoms they're demanding.
But Kevin Mandia, CEO of cybersecurity company FireEye (FEYE) is sympathetic to his customers who pay ransoms.
Are we making it worse by paying these ransoms?
Kevin Mandia: Well, nobody wants to pay a ransom, and that's the beginning for all of these.
You make the decision it is better to pay now and derisk our patients then the risk of moving your patients out of the hospital.
Kevin Mandia: If you can commit a crime from 10,000 miles away from a safe harbor with no repercussions, you are going to take shots indefinitely.
If we don't find a way to impose risks or repercussions to those launching those attacks, over time, every company is going to have to deal with one.
It is going to take nations banding together to figure out what we are going to do about this.
Kevin Mandia: If you are an attacker and you want to monetize your hacking amendment, you hack into computers when you steal credit card data.
Kevin Mandia: I think you are fighting it every single day.