Colonial Pipeline paid $ 5 million ransom to cyberhackers Business

Ransomware is a type of malware that locks a victim’s files, which attackers promise to unlock for payment.

More recently, some ransomware groups have also stolen victim data and threatened to disclose it unless paid in some kind of double extortion.

The FBI discourages organizations from paying ransom to hackers, saying there is no guarantee that they will keep promises to unlock files and are also inciting other potential hackers.

Such guidelines present a dilemma for victims who must weigh the risks of not paying with the costs of lost or exposed documents.

A report released last month by a ransomware task force indicated that the amount paid by ransomware victims increased by more than 300 pc in 2020, reaching around $ 350 million in cryptocurrency.

The average ransom paid by organizations last year was just over $ 300,000, according to the report.

Colonial, which operates the largest fuel pipeline in the United States, became aware of the hack around May 7 and shut down operations, which resulted in fuel shortages and lines at gas stations along from the east coast.