Ransomware attacks are hitting financial institutions big and small, and show no signs of abating. When companies suffer ransomware attacks, they typically turn to their legal counsel or insurer for advice about how to choose a good ransomware negotiator. When small business, in particular, is hit, they often turn to their primary financial institution for ransomware-response guidance. That’s because they’re unsure of which negotiation service is the right fit. Ransomware negotiation is a niche industry, as it involves direct interaction with the criminals who wage ransomware attacks.  

PaymentsJournalWhen It Comes to Ransomware Mitigation, Selecting the Right Negotiator is EssentialPaymentsJournal When It Comes to Ransomware Mitigation, Selecting the Right Negotiator is EssentialPaymentsJournaljQuery(document).ready(function ($){var settings_ap24065107 = { design_skin: "skin-wave" ,autoplay: "off",disable_volume:"default" ,loop:"off" ,cue: "on" ,embedded: "off" ,preload_method:"metadata" ,design_animateplaypause:"off" ,skinwave_dynamicwaves:"off" ,skinwave_enableSpectrum:"off" ,skinwave_enableReflect:"on",settings_backup_type:"full",playfrom:"default",soundcloud_apikey:"" ,skinwave_comments_enable:"off",settings_php_handler:window.ajaxurl,skinwave_wave_mode:"canvas",pcm_data_try_to_generate: "on","pcm_notice": "off","notice_no_media": "on",design_color_bg: "111111",design_color_highlight: "ef6b13",skinwave_wave_mode_canvas_waves_number: "3",skinwave_wave_mode_canvas_waves_padding: "1",skinwave_wave_mode_canvas_reflection_size: "0.25",skinwave_comments_playerid:"24065107",php_retriever:"https://www.paymentsjournal.com/wp-content/plugins/dzs-zoomsounds/soundcloudretriever.php" }; try{ dzsap_init(".ap_idx_406427_28",settings_ap24065107); }catch(err){ console.warn("cannot init player", err); } });

In recent months, Javelin Strategy & Research’s Tracy Kitten, Director of Fraud and Security, and Alexander Franks, Fraud and Security analyst, conducted research into the industry around ransomware negotiation. They found that many financial institutions didn’t know much—or, in some cases, anything—about the ransomware negotiation companies they refer to their clients. Oftentimes, FIs just know negotiators by word of mouth from outside lawyers and insurance providers.

In a recent podcast, PaymentsJournal sat down with Kitten and Franks to discuss the main findings of their report. They provided an overview of what companies should look for when choosing a ransomware negotiation company and how companies in that specialty differ in the resources they offer.  

What to Do When Ransomware Hits

Kitten explained that Javelin’s research is really focused on the basics: Who are the players and what should customers ask of them? “So, it’s a very niche part of the ransomware mitigation landscape,” Kitten said. “But a very important one and one that we found really is kind of at the crux of ransomware mitigation.”

Financial institutions are indirectly impacted when ransomware attacks strike their commercial customers.  Franks noted that when a company looks for a ransomware mitigation specialist, it needs to ask about three main things: capacity, culture, and collaboration. Ransomware negotiation providers differ in those aspects, so asking about them can mean the difference between paying a ransom and avoiding a loss.

Ransomware negotiators also differ in what they are capable of doing—or willing to do—for clients. Franks suggested that prospective clients ask negotiators about helping with payments, helping with the handling of cryptocurrency,