Nope, says a renowned international bank from UK. Instead, the ransom pay can be covered from a cyber insurance policy, provided it is taken prior to the launch of the attack and covers the costs associated with the malware attack.

Moreover, paying a ransom in a ransomware attack is generally discouraged for several reasons:

No guarantee of decryption: There is no guarantee that paying the ransom will result in the recovery of your files or the decryption of your systems. Attackers may not fulfill their promis-es even after receiving payment.

Funding criminal activities: Paying a ransom contributes to the profitability of ransomware attacks, encouraging cybercriminals to continue their illegal activities and target more victims.

Legal and ethical implications: Paying a ransom could potentially put you in violation of laws and regulations, depending on your jurisdiction. Additionally, it can perpetuate a cycle of crim-inal behavior that undermines the security and stability of the digital ecosystem.

Instead of considering payment, it is advisable to take the following steps if you’ve been affected by a ransomware attack:

Report the incident: Contact your local law enforcement agency or a cybercrime reporting or-ganization to report the attack. They can provide guidance on how to proceed and may be able to assist in the investigation.

Notify your bank: Inform your bank about the situation and work with them to protect your accounts and prevent any fraudulent activity.

Seek professional assistance: Contact a reputable cybersecurity firm or IT professional who can help you assess the impact of the attack, remove the malware, and recover your systems and data, if possible.

Enhance security measures: Strengthen your security measures to prevent future attacks. This may include regularly updating software, using strong passwords, implementing multi-factor authentication, and educating employees about cybersecurity best practices.

Remember, prevention is key when it comes to ransomware attacks. Regularly backing up your important data, staying vigilant for phishing attempts, and keeping your systems up to date with the latest security patches can significantly reduce the risk of falling victim to such attacks.

The post Can we get loan to pay ransom in ransomware attacks appeared first on Cybersecurity Insiders.

FBI has issued a warning to all students studying in different universities against the ongoing loan forgiving scam. The scam that is being circulated as email phishing and smishing is actually a fraudulent operation taken up by cyber crooks to mint critical financial details from innocent victims.

According to the US Governments Student Loan Debt Relief Plan, those students within income $125k can avail a loan relief, provided they are meeting all the stipulations related to the US Department of Education. A $20k debt cancellation is being offered for Pell Grant receivers and a bit less to other borrowers.

Hacking opportunists are seen banking on the ongoing session of loan cancellation as they are creating fake websites with identical domain names and sending the URL form links to innocent victims only to gain critical info from them.

Sometimes, the cyber crooks are seen claiming to fulfill the eligibility criterion for such loan cancellations or loan reimbursements.

Slowly, the scam that started as phishing now eased into a smishing scam, where victims are flooded with fraudulent SMSes where phishing is done via SMS instead of the regular email.

As victims are being lured or threatened to reveal personal info such as social security numbers, and other PII, the situation seems to turn into a big menace in the coming weeks, especially with the holiday season in the corner.

The only way to avoid falling prey into such scams is to never click on email links and SMS links coming from suspicious resources. Keeping the device updated with the required OS security patches and anti-malware software and ensure that the financial info you are entering is a HTTPS domain, that are hard to mimic.

 

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