In 2024, businesses paid $813 million to cyber criminals as the result of ransomware. That’s an astronomical sum, highlighting the immense financial burden cybercrime places on organizations. Rhode Island’s cyberattack of December 2024, where state officials paid out a $5 million ransom, also serves as a cautionary tale.
While the state ultimately recovered its data, the process was long, arduous, and costly, not just in terms of money but also in the loss of trust by those whose data was shared and operational disruptions that spanned about a month’s time. Now, scale that to businesses across industries, and the economic and reputational damage becomes even clearer.
The real question we need to continue to ask is how do we stop the ransomware cycle?
Ransomware Begets Ransomware
Every ransom paid fuels another cyberattack. Cybercriminals thrive on this business model because it works. Yet, despite warnings from law enforcement agencies like the FBI against paying ransoms, many organizations continue to treat ransomware attacks as inevitable; a budget line item rather than a preventable crisis. Instead of dedicating significant resources to cyber recovery, too many businesses set aside funds and carry large cyber insurance policies to pay off attackers when an incident occurs. This reactive approach only perpetuates the problem.
Cybercriminal groups, including ransomware-as-a-service (RaaS) operators, are constantly seeking out vulnerabilities, and exploiting security gaps to infiltrate networks. The more ransoms that get paid, the more bold these groups become, leading to this continuous loop of attacks. But protection alone is no longer enough. Even with robust cybersecurity measures, the possibility of a successful attack still exists. The shift needs to be in how organizations recover when ransomware strikes.
Invest in Recovery, Not the Ransom
Organizations should prioritize recovery over ransom payments. Instead of earmarking millions of dollars to pay attackers, why not allocate funds to build a resilient recovery process? Investing in cyber resilience and ensuring that backup systems are clean can significantly reduce downtime and prevent reinfection.
A well-structured recovery plan includes secure backups that are regularly updated with test backups to ensure they are free from malware. Incident response planning is important, where organizations create a detailed response plan outlining roles, responsibilities and actions in the event of an attack. Engaging professionals who specialize in ransomware response and investigations are vital when ransomware hits.
The FBI Says Stop Paying Ransoms
The FBI explicitly warns against paying ransomware demands for two critical reasons, the first is the most important, there is no guarantee of data recovery. Attackers may not provide decryption keys or could demand additional payments. And every successful ransom payment signals to cybercriminals that their methods work, incentivizing future attacks.
Despite these warnings, many organizations still opt to pay ransoms, often because they are under pressure to restore operations quickly. However, as ransomware groups become more sophisticated, even paying the ransom does not guarantee a resolution. Some hackers leave malware embedded in systems, leading to repeated infections.
When facing a ransomware attack, organizations should take immediate action to minimize damage and expedite recovery. They should conduct a thorough assessment of data exfiltration risks to determine if sensitive information has been compromised. Data exfiltration is becoming more and more frequent. Threat actors threaten to release customer data leading to fines on top of the ransom. Identifying affected systems and prioritizing restoration efforts can help minimize operational disruptions. If ransom payment is under consideration, organizations should engage a ransomware negotiation specialist to explore options and reduce risks.
Breaking the Cycle
The solution to ransomware isn’t simply better protection, it is better recovery. Organizations must stop budgeting for ransom payments and start prioritizing investments in secure and tested recovery processes. By doing so, businesses can break the cycle of cybercrime and reduce the financial incentives for attackers. The choice is clear: Fund recovery, not ransom demands. The future of cybersecurity depends on it.
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