Victims of ransomware are turning to professional negotiators to help reduce the cost of the ransom, or even avoid paying it altogether. Negotiators, such as in-house response teams, insurers, security firms or lawyers, can work with cyber criminals to reduce the ransom amount or delay payment. They can ask open-ended questions to determine the underlying motives of the hackers and formulate a cost-benefit analysis to establish alternatives. Negotiators should engage with hackers sooner rather than later to prevent escalations, as hackers may use time pressure to compel victims to pay up. While paying the ransom is often the quickest way to recover data and resume operations, it does not guarantee that hackers will unlock systems or not demand more money in the future. Some authorities are outlawing the payment of ransoms, however, businesses may have little choice when it comes to saving their data, operations or reputation.
Hackers beware: Master the art of negotiation and come out victorious
![](https://cybsecwizard.com/wp-content/uploads/2023/12/Decoding-Fintech-Licenses.jpg)
Latest from Blog
![](https://cybsecwizard.com/wp-content/uploads/2023/12/Peer-to-Peer-P2P-Lending-Revolution.jpg)
Moody’s: Cyber insurance competition rises, prices fall
Moody’s Ratings: Cyber Insurance Competition Up, Prices Down TLDR: Cyber insurance market poised for growth due to increased demand. New players entering the market may decrease premiums. Article Summary The cyber insurance
![](https://cybsecwizard.com/wp-content/uploads/2023/12/Impact-of-GDPR-on-Fintech-Companies.jpg)
Syxsense acquires Absolute to beat cyber vulnerabilities with strength
TLDR: Absolute Security has acquired Syxsense to enhance its cyber resilience platform. The acquisition will simplify patching and remediation issues through automation. Article Summary: Absolute Security has acquired Syxsense to improve its
![](https://cybsecwizard.com/wp-content/uploads/2023/12/Evolving-Cybersecurity-Needs-in-Fintech.jpg)
Apache’s OFBiz gets new fix for RCE exploits
TLDR: Apache released a security update for OFBiz to patch vulnerabilities, including a bypass of patches for two exploited flaws. The bypass, tracked as CVE-2024-45195, allows unauthenticated remote attackers to execute code
![](https://cybsecwizard.com/wp-content/uploads/2023/12/The-Financial-Security-of-Fintech_-FDIC-and-Beyond.jpg)
Feds caution: Russia-linked CVE threats target essential infrastructure
TLDR: Threat groups linked to Russia’s military intelligence service are targeting critical infrastructure in various sectors. The attackers have defaced websites, scanned infrastructure, and leaked stolen data. Summary: Federal authorities in the
![](https://cybsecwizard.com/wp-content/uploads/2023/12/Machine-Learning-in-Fraud-Detection.jpg)
Allies blame Russian military for destructive cyber-attacks
TLDR: US and allies accuse Russian military of launching cyber-attacks targeting critical infrastructure for espionage and sabotage purposes. Unit 29155, a cyber group affiliated with the Russian military, is responsible for deploying
![](https://cybsecwizard.com/wp-content/uploads/2023/12/The-Role-of-UX-and-UI-in-Fintech-Apps.jpg)
Brazil bans X, and Tom Alcock on cybersecurity talent hunt
TLDR: Key Points: Brazil banned X (Twitter) due to misinformation during the presidential election. Tom Alcock, founder of Code Red Partners, discussed the importance of cybersecurity talent recruitment beyond traditional methods. In
![](https://cybsecwizard.com/wp-content/uploads/2023/12/Top-Fintech-Trends-of-2023.jpg)
Palo Alto Networks acquires IBM’s QRadar Assets in SIEM victory
Article Summary TLDR: Palo Alto Networks has acquired IBM’s QRadar SaaS assets to enhance its cybersecurity capabilities. The integration of QRadar’s assets into Palo Alto Networks’ Cortex XSIAM platform will lead to
![](https://cybsecwizard.com/wp-content/uploads/2023/12/Machine-Learning-in-Fraud-Detection.jpg)
NIST CSF 20: Secure your cyber world with confidence framework
TLDR: NIST has released Version 2.0 of its Cybersecurity Framework (CSF) with an enhanced focus on Privileged Access Management (PAM) and Identity & Access Management (IAM). Key updates in NIST CSF 2.0
![](https://cybsecwizard.com/wp-content/uploads/2023/12/Fintech-in-Wealth-Management_-Disruption-and-Transformation.jpg)
NSFOCUS launches digital shield for superior cyber defense capabilities
TLDR: NSFOCUS has introduced a Digital Risk Protection Service (DRPS) to protect against evolving threats like fraud and data breaches in the digital landscape. The service offers features such as monitoring for
![](https://cybsecwizard.com/wp-content/uploads/2023/12/Why-Millennials-Prefer-Fintech-Solutions.jpg)
Russian military hackers behind US attacks according to NSA Report
TLDR: A recent NSA report has attributed U.S. cyber attacks since 2020 to Russian military hackers. The hackers are affiliated with the Russian Unit 29155 and have targeted critical infrastructure globally. Summary: