As more companies are being successfully targeted with ransomware attacks, should they pay up and risk fuelling the crime? Do they have a choice if vital business systems and document are no longer accessible? This reminds me of a 1930s gangster movie and yet physical extortion is still common place in many parts of the world. This makes for a profitable payday for the cyber criminals, and so what should law enforcement agencies be doing to combat cybercrime?
Ransomers have successfully extorted $1 million (£800,000) from a South Korean web hosting firm after having successfully infected multiple servers with Erebus ransomware. South Korean firm Nayana was hit with a Linux ransomware attack that demanded an unprecedented 550 Bitcoins (BTC) or $1.62 million (£1.27 million) ransom. The company announced on 12 June in a message to customers that it had been attacked two days previously. On 14 June 2017 the web hosting company was able to negotiate the ransom down to 397.6 BTC, nearly $1.01 million, to be paid in three installments.