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  1. Italian luxury automaker Ferrari has been hacked by an unknown threat actor who has demanded a ransom in exchange for certain client contact details. Ferrari made the announcement of the “cyber incident” on its website recently, stating that its wholly-owned Italian subsidiary was contacted by a threat actor with a ransom demand related to certain client contact details. While Ferrari has refused to pay the ransom as a policy, it has informed its clients of the potential data exposure and the nature of the incident. The company takes the confidentiality of clients seriously and understands the significance of the incident, as its clients most likely represent some of the world's wealthiest individuals given the typical cost of a Ferrari. The attack has highlighted the fact that ransomware is not just a problem, but a major data loss issue as well, as sensitive data, including client names, addresses, email addresses, and telephone numbers, has been exposed. Cybersecurity firm Halcyon's CEO and Co-founder, Jon Miller, has emphasized that the focus for ransomware operators is to cause as much pain as possible to victim organizations in order to extract the highest payment possible. This means that even if the victim organization pays the ransom, the attackers still have the data and can sell or expose it, or come back to the victim organization and ask for even more money. Ferrari has immediately started an investigation in collaboration with a leading global third-party cybersecurity firm, once they became aware of the hacker's demands. The automaker has assured its clients that the breach has had no impact on its operations. Even though Ferrari did everything right regarding securing the data and incident response measures, ransomware gangs are intent on stealing data to force victims into paying the ransom demand, causing collateral damage to entities whose sensitive data is exposed. Miller has urged organizations to defeat the attack before hackers can exfiltrate data and disrupt operations to make these attacks unprofitable. In October, Ferrari was hit by a ransomware attack, losing 7GB of data to threat actors.
  2. Should you pay the ransom ? Most law enforcement agencies recommend not paying ransomware attackers, citing that it will only invite hackers to commit more ransomware attacks. However, when an organization faces a possibility of weeks or longer of recovery, the thought of lost profits may begin to sink in, and an organization may start to consider the price of the ransom compared to the value of the data that has been encrypted. According to Trend Micro, while 66% of companies state they would not pay a ransom, about 65% do pay the ransom when faced with the decision. The attackers set the price point so it is worth their time but low enough that it will be cheaper for the targeted organization to pay the attackers off rather than restore the encrypted data. Even though it would be understandable as to why some organizations would want to pay the ransom, it is still not recommended for a number of reasons: • Still dealing with criminals : There is still no guarantee that the attackers will follow through with their word and decrypt the data. A Kaspersky Security Bulletin from 2016 claimed that 20% of businesses that chose to pay the ransom demanded of them did not get their files back. • Potential for scareware : The ransom message could be used without having accessed an organization's data. • Bad decryption key or one that barely works : After paying the ransom, the decryptor an organization receives may only work enough for the criminals to say they followed through with what they promised. • Possibility of repeated ransom demands : Cybercriminals will now know that the targeted organization has a history of paying ransoms.
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