When a ransomware attacks a system, it locks data and demands money for ransomware removal. Generally, cybersecurity experts discourage against such payments. However, a company has made it to the headlines for going against this rule. The company Coveware provides negotiation services where the ransom amount is discussed with the cybercriminals. As a result, an affected company that may have been asked to pay 1 Bitcoin can prevent the damage by paying only 0.2 BTC.
Bill Siegal –– Coveware’s Chief Executive Officer and co-founder –– has described the company’s vision as “pragmatic”. Siegal believes that some businesses do not have any option other than initiating the ransom procedure with the cybercriminals.
He further cited the example of ransomware incidents where companies had to be shut down and faced financial and legal reparations. On the other hand, payment of a few dollars hundred dollars (in Bitcoin) can instantly assist in the ransomware removal and recovery processes.
Recently, a wrecking company –– located in Texas –– benefited from Coveware’s services. The company’s files and systems were non-functional for a couple of days; in the face of adversity, they decided to contact Coveware. Coveware assisted in decreasing the amount of the ransom to be paid by at least 80 percent within the span of two days.
Why Experts Disagree?
Cybersecurity experts believe that while Coveware’s effort may limit damages for a few businesses, such a practice may cause bigger implications in the future. The reason behind this view is that any ransom payment enables the cybercriminals to profit and continue their campaigns. As a result, this dangerous industry can be promoted and flourished rapidly through such payments.
More importantly, experts believe that Coveware has beginner’s luck; other cybercriminals groups are unlikely to begin the ransomware removal process after receiving ransom.
Instead, a better strategy could be the use of a powerful cyber defense solution. Through this method, cyber invaders can be caught in time and back-ups can further prevent any major loss. This will completely eliminate any need for ransom payments.