NordLayer Advises Against Paying Ransom For Cyberattacks

Nearly half (44 per cent) of retailers globally suffered a ransomware attack last year and one-third of those whose data was encrypted paid the ransom to get it released, says NordLayer, a cybersecurity company. However, of organizations that paid the ransom, only nine per cent got all their data back. Additionally, businesses can be harmed by increased cyber insurance rates, as well as additional public relations and marketing expenses needed to rebuild customer and partner trust. “Cybersecurity services are cheaper and far more effective when used for prevention, not damage control,” says Juta Gurinaviciute, chief technology officer at NordLayer. In order to minimize risks, measures to be taken include recurring cybersecurity training for staff, having a stress-tested incident response plan, having a backup that can be brought back even without access to all resources including having three copies of data on two different media sources, one of them stored off-site, and using a third-party cybersecurity services.