Leakage of Stolen Data may not be Prevented by Paying Ransom

COVEWARE Blogs | IEMLabs

In one of its recently published reports, Coveware which is a ransomware IR provider stated that of late there has been an increment of 31% in paying ransom to the cybercriminals. In the 3rd quarter (Q3) of 2020, overall ransom amounting to $233,817 was paid to the cybercriminals by the targeted organizations. The report also said that cases where the attackers have exfiltrated data and demanded additional payment for deleting all the leaked data have doubled in this quarter.

According to Coveware, paying ransom is a very risky gamble as the attackers may not delete the stolen data even taking all the money. There have been cases where the cybercriminals did not delete the exfiltrated data even after receiving huge ransom from targeted organizations. Rather the ransomware groups shared the stolen data with other parties and leaked them in online platforms. 

In the report, Coveware suggested the victims of data exfilteration to take hard and responsible steps. Moreover, Coveware also advised the victims to carry out proper investigation about the data leaked and the attackers along with consulting the cyber security teams. 

By Hrithik Lall

IEMLabs is an ISO 27001:2013 and ISO 9001:2015 certified company, we are also a proud member of EC Council, NASSCOM, Data Security Council of India (DSCI), Indian Chamber of Commerce (ICC), U.S. Chamber of Commerce, and Confederation of Indian Industry (CII). The company was established in 2016 with a vision in mind to provide Cyber Security to the digital world and make them Hack Proof. The question is why are we suddenly talking about Cyber Security and all this stuff? With the development of technology, more and more companies are shifting their business to Digital World which is resulting in the increase in Cyber Crimes.

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