Why some companies are paying ransom to cybercriminals

August 6, 2024 – Published on ABC7 Chicago, IL

As threats from cybercriminals targeting companies that hold personal information continue to rise, some companies are making a surprising move to protect your privacy.

Despite advice from authorities, experts say some companies are choosing to pay the ransom when they’re hacked.

“I think that there’s been a realization over the years that there are certain circumstances which might deem it necessary to consider a ransom payment,” said Mark Lance from GuidePoint Security. “That could be because there’s no longer access to data.”

Lance said he’s helped thousands of businesses, governments and non-profits negotiate ransom when businesses and their information are held hostage. GuidePoint Security’s latest report says that there have been almost 2,200 ransomware attacks on businesses nationwide, so far this year.

“It might be because their data is encrypted, and they no longer have access to systems. And they need that information. And we’ve also seen instances where it might be more cost effective for them,” Lance said.

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