It is estimated that since 2016, the number of cybercrime cases reported have tripled. Vanbreda Risk & Benefits, a Belgian insurance broker, believes that this unusual rise is attributed to the terror of ransomware.
The insurance broker explained that the growth of ransomware cases is still increasing quickly. In 2018 alone, 28 businesses in Belgium fell into the traps of hackers who succeeded in turning their PCs into digital hostages.
A spokesman from Vanbreda Risk & Benefits believes that the rise in reports of cyberattacks also owes to the fact that companies have begun filing insurance claims with their insurance providers. Hence, such claims have helped assess the real number of ransomware victims. Not too long ago, cybercriminals ravaged the servers of Nrystar—a renowned brand for zinc processor in Belgium. As a consequence, the staff at the company was unable to send emails. Moreover, administration work also came to a halt as servers remained inaccessible for a long time period.
The High Ransom Demand
A lot of the affected companies are able to secure their interests in the battle against ransomware attacks via the support of their insurance providers, but this does not mean that they are opposed to a ransom payment. Still, there is big portion of companies that do not rebuke the idea to pay ransom for ransomware removal.
The management at these organizations is wary that the public discovery of such attacks can malign their reputation and affect the financial position of their business. According to Tom Van Britsom, a cybersecurity expert from Vanbreda Risk and Benefits, the ransom amount could reach to a maximum of €20,000. However, he has also met company representatives who were demanded to pay 1 million Euros!
Stéphan Goddé, a security analyst, is positive that the ransomware threat is here to stay. He does not see it go any time soon. He remarked that cybercriminals have a unique thought process where they are confident that their victims will pay the ransom. He explained that unlike other crimes where the police can take control of all the equipment from a criminal, in such a case, the victim has no incentive to report on the cybercriminal because they still possess the key of their systems which is stored in a remote location.
The Response
The law enforcement agencies in Belgium are not silent. The Federal Computer Crime Unit and the Center for Cyber Security Belgium collaborated to improve ransomware removal. To achieve this herculean task, they published websites like www.nomoreransom.nl through which business can unlock their hacked files.
