The hackers allegedly want $10M ransom to free up the system. Garmin is a big leader in sport watches and GPS devices.
Cyber Security continues to be the top concern for IT Pros…
Ransomware is tough. Every year the percentage of companies that fall victim to hackers and end up actually paying ransom, increases. In 2020 it is around 58% ransomware victims that pay. This sets a dangerous incentive for hackers to continue getting better at infiltrating networks and getting away with it. Furthermore, prosecution for such acts becomes difficult if the hacker comes from a country that doesn’t have an extradition deal with the victim’s country. The best deterrent we can have against this would be an international crime unit dedicated to prosecuting international hackers. However, this then brings up the century old argument on national sovereignty.
Nrodi, that statistic is crazy, but believable. It happened to a company that a friend worked at. Their system was compromised and a few days later the company ended up paying. Every system returned to normal and that was the end of it. But then the converse of that is, another friend worked on a team that was brought in to “fight” the ransomware attack on a company. They essentially re-installed all of their systems and didn’t pay the hackers. The question is - does the ransom cost more than the unit hired to fight the hackers? Is it more pride than cost at that point? What do our security teams need to do to get one step ahead of these hackers (although, I’m sure if this was known we wouldn’t have this problem!)?