InTents December 2021/January 2022 - 44

business | management
To pay or not to pay?
The ethical dilemma of ransomware attacks.
by Mark E. Battersby
T
Ransomware protection
for IFAI members
According to Marsh McLennan Agency,
IFAI's preferred business insurance
broker and risk management consultant,
ransomware attacks have increased
by 146 percent since the start of the
pandemic. With more employees
working remotely, businesses have
been exposed to more risk than ever.
For more information about business
insurance and risk management options,
contact Andrew Burt at Andrew.Burt@
MarshMMA.com or Kory Eastenson at
Kory.Eastenson@MarshMMA.com.
he recent proliferation of well-publicized
cyberattacks has revealed
ransomware to be a serious national
security threat. Still largely hidden from
public view, however, are the attacks
on small businesses, including many
within the industrial, specialty and advanced
textile industry, that don't make
the headlines.
Surprisingly, while ransomware attacks
have become a multibillion-dollar threat,
the average payment demanded was only
$310,000 in 2020, with many payments
in the $25,000 to $30,000 range. So, what
can a business do to reduce the risk of becoming
a ransomware victim?
What is ransomware?
Ransomware is a type of malicious
software, or malware, that prevents a
business from accessing its computer
iles, systems or networks and demands
payment of a ransom for their return.
Ransomware can be unknowingly
downloaded onto a computer by opening
an email attachment, clicking an ad,
following a link or even visiting a website
that's embedded with malware.
Once the code is loaded on a computer,
it will lock access to the computer itself
or to data and iles stored there. More
menacing versions can encrypt iles
and folders on local drives, attached
drives and even networked computers.
Obviously, ransomware attacks can cause
costly disruptions to operations and the
loss of critical information and data.
44 intents dec 2021-jan 2022
In many situations, the targeted business
is unaware its computers have been
infected. It is usually discovered only
when data can no longer be accessed, or a
computer message pops up alerting users
to the attack and the attacker demands
ransom payments.
Paying the piper-or not
Top U.S. law enforcement oficials discourage
meeting ransomware demands.
The FBI is reportedly doubling down
on its guidance to affected businesses
and its message remains: don't pay the
cybercriminals.
Ransomware attackers usually demand
that businesses send cryptocurrency
in order to unlock data, with
amounts ranging from a few hundred
dollars to millions of dollars. The ethics
and morality of making these payments
aside, there is the question of how to
make a ransomware payment and how
to use the cybercurrency market.
Payment mechanics
Surprisingly, small-scale ransomware
attackers often demand payment to be
wired through Western Union or paid
through a specialized text message. In
fact, some demand payment in the form
of gift cards such as Amazon or iTunes gift
cards. But the majority of ransomware
payments involve cryptocurrencies.
Bitcoin is the most popular currency
demanded by ransomware attackers,
but other cryptocurrencies such as

InTents December 2021/January 2022

Table of Contents for the Digital Edition of InTents December 2021/January 2022

InTents December 2021/January 2022 - Cover1
InTents December 2021/January 2022 - Cover2
InTents December 2021/January 2022 - 1
InTents December 2021/January 2022 - 2
InTents December 2021/January 2022 - 3
InTents December 2021/January 2022 - 4
InTents December 2021/January 2022 - 5
InTents December 2021/January 2022 - 6
InTents December 2021/January 2022 - 7
InTents December 2021/January 2022 - 8
InTents December 2021/January 2022 - 9
InTents December 2021/January 2022 - 10
InTents December 2021/January 2022 - 11
InTents December 2021/January 2022 - 12
InTents December 2021/January 2022 - 13
InTents December 2021/January 2022 - 14
InTents December 2021/January 2022 - 15
InTents December 2021/January 2022 - 16
InTents December 2021/January 2022 - 17
InTents December 2021/January 2022 - 18
InTents December 2021/January 2022 - 19
InTents December 2021/January 2022 - 20
InTents December 2021/January 2022 - 21
InTents December 2021/January 2022 - 22
InTents December 2021/January 2022 - 23
InTents December 2021/January 2022 - 24
InTents December 2021/January 2022 - 25
InTents December 2021/January 2022 - 26
InTents December 2021/January 2022 - 27
InTents December 2021/January 2022 - 28
InTents December 2021/January 2022 - 29
InTents December 2021/January 2022 - 30
InTents December 2021/January 2022 - 31
InTents December 2021/January 2022 - 32
InTents December 2021/January 2022 - 33
InTents December 2021/January 2022 - 34
InTents December 2021/January 2022 - 35
InTents December 2021/January 2022 - 36
InTents December 2021/January 2022 - 37
InTents December 2021/January 2022 - 38
InTents December 2021/January 2022 - 39
InTents December 2021/January 2022 - 40
InTents December 2021/January 2022 - 41
InTents December 2021/January 2022 - 42
InTents December 2021/January 2022 - 43
InTents December 2021/January 2022 - 44
InTents December 2021/January 2022 - 45
InTents December 2021/January 2022 - 46
InTents December 2021/January 2022 - 47
InTents December 2021/January 2022 - 48
InTents December 2021/January 2022 - Cover3
InTents December 2021/January 2022 - Cover4
https://www.nxtbook.com/ata/intents/intents-june-july-2024
https://www.nxtbook.com/ata/intents/intents-april-may-2024
https://www.nxtbook.com/ata/intents/intents-february-march-2024
https://www.nxtbook.com/ata/intents/intents-idea-book-2024
https://www.nxtbook.com/ata/intents/intents-december-2023-january-2024
https://www.nxtbook.com/ata/intents/intents-october-november-2023
https://www.nxtbook.com/ata/intents/intents-august-september-2023
https://www.nxtbook.com/ata/intents/intents-june-july-2023
https://www.nxtbook.com/ata/intents/intents-april-may-2023
https://www.nxtbook.com/ata/intents/-intents-february-march-2023
https://www.nxtbook.com/ata/intents/intents-idea-book-2023
https://www.nxtbook.com/ata/intents/intents-december2022-january-2023
https://www.nxtbook.com/ata/intents/intents-october-november-2022
https://www.nxtbook.com/ifai/intents/intents-august-september-2022
https://www.nxtbook.com/ifai/intents/intents-june-july-2022
https://www.nxtbook.com/ifai/intents/intents-april-may-2022
https://www.nxtbook.com/ifai/intents/intents-february-march-2022
https://www.nxtbook.com/ifai/intents/intents-december-2021-january-2022
https://www.nxtbook.com/ifai/intents/intents-october-november-2021
https://www.nxtbook.com/ifai/intents/intents-august-september-2021
https://www.nxtbook.com/ifai/intents/intents-june-july-2021
https://www.nxtbook.com/ifai/intents/intents-april-may-2021
https://www.nxtbook.com/ifai/intents/intents-february-march-2021
https://www.nxtbook.com/ifai/intents/1220IT
https://www.nxtbook.com/ifai/intents/1020IT
https://www.nxtbook.com/ifai/intents/0820IT
https://www.nxtbook.com/ifai/intents/0620IT
https://www.nxtbook.com/ifai/intents/0420IT
https://www.nxtbook.com/ifai/intents/0220IT
https://www.nxtbook.com/ifai/intents/1219IT
https://www.nxtbook.com/ifai/intents/1019IT
https://www.nxtbook.com/ifai/intents/0819IT
https://www.nxtbook.com/ifai/intents/0619IT
https://www.nxtbook.com/ifai/intents/0419IT
https://www.nxtbook.com/ifai/intents/0219IT
https://www.nxtbook.com/ifai/intents/1218IT
https://www.nxtbook.com/ifai/intents/1018IT
https://www.nxtbook.com/ifai/intents/0818IT
https://www.nxtbook.com/ifai/intents/0618IT
https://www.nxtbook.com/ifai/intents/0418IT
https://www.nxtbook.com/ifai/intents/0218IT
https://www.nxtbookmedia.com