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To pay or not to pay: The ransomware dilemma for Swiss SMBs

Nicolas Lagrèze

May 4, 2023

Ransomware is a growing threat to Swiss SMBs, and it’s important to know what to do if you become a victim. One of the most pressing questions is whether or not to pay the ransom. Here’s what you need to know.

First, it’s important to understand that paying the ransom does not guarantee that you will get your files back. Some attackers may take your money and run, leaving your files encrypted and inaccessible. Additionally, paying the ransom may encourage further attacks, as attackers may see you as an easy target.

On the other hand, not paying the ransom can also have serious consequences. If your files are important and you don’t have backups, you may have to pay the ransom to regain access to your data. Additionally, refusing to pay may result in losing important data or disrupting business operations.

So, what should you do if you become a ransomware victim? Here are some steps to consider:

Assess the situation: Determine the scope of the attack and what files have been encrypted. This will help you determine whether or not it’s worth paying the ransom.
Contact a cybersecurity professional: A cybersecurity expert can help you determine whether or not it’s possible to recover your files without paying the ransom.
Consider your options: If you have backups of your files, you may be able to restore them without paying the ransom. If not, weigh the risks and benefits of paying the ransom.
Consider the legal implications: Depending on the circumstances, paying the ransom may be illegal in some jurisdictions. Consult with legal counsel before making any decisions.
Invest in cyber insurance: Cyber insurance can help cover the costs of a ransomware attack, including ransom payment, data recovery, and legal fees.

Ultimately, the decision of whether or not to pay the ransom is a difficult one that depends on the specific circumstances of each case. By taking proactive steps to protect your business, such as implementing cybersecurity measures and investing in cyber insurance, you can greatly reduce the risk of a ransomware attack and minimise the impact if it does occur.

Nicolas Lagrèze is the COO of Cyberion

Jonas Von Oldenskiold and other experts contribute to our newsletter

Jonas Von Oldenskiold and other experts contribute to our newsletter

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