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Thanks for posting Olaf Classen. If true, it’s not an easy decision paying a ransom, under any circumstances. In the case of United Health and its company Change Healthcare, the response to the hack is more of an issue, given the well reported effects of the attack on the U.S Health care sector.
If as appears to be the case a $22million ransom was paid, then it only adds to the total costs of the hack across the U.S economy. That will be a figure going into the $100s million, if not $billions of dollars. Whatever the figure is, it will dwarf that of the cost of cybersecurity compliance. It will also not a figure the company or SEC will consider within the materiality calculations for regulatory reporting.
There is also the question of ransomware payments, with 50 countries pledged to sign an international agreement that their governments would never pay ransomware to cyber criminals. One suspects when it is a last resort, it will likely get paid. The hackers know this and change the outcome accordingly. (https://lnkd.in/ech2E4fA.)
In the case of United Health and Change Healthcare, the attack must have been serious, with little or no room to remediate their way out of the effects of the cyber attack.
@Thaddeus Dziekanowski Brian D. McCarthy
Veritas GRC
#cybersecurity #cyberriskmanagement #cyberattack #ransomware
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