Cantor Fitzgerald Founder Howard Lutnick, Secretary of Treasury Stand Firm On Not Paying Ransom For Employees

Background

Cantor Fitzgerald LP, a large financial services company, declined to pay the ransom demanded by the individuals who seized control of its computer systems in 2020. A demand of over $1 million in the cryptocurrency Bitcoin to recover access to their data.

The company said it would not negotiate with the criminals and that it had backups that would allow it to restore its systems.

This move goes against a trend of recent ransomware attacks where companies have paid the demanded ransoms. Colon Pipeline is an example of a large company deciding to pay the ransom.

Howard Lutnick and Cantor Fitzgerald`s History with 9/11

Howard Lutnick, the CEO of Cantor Fitzgerald, lost 658 employees in the 9/11 attacks. That tragedy shaped his outlook on life and deeply influenced the decisions he would make regarding his company.

United States Secretary of the Treasury Janet Yellen Weighs In

United States Secretary of the Treasury Janet Yellen backs Cantor Fitzgerald`s decision to reject the ransom demands. She states that paying ransoms would embolden cybercriminals and put American companies at greater risk.

Is Insurance an Option?

Companies like AIG provide cyber insurance to help mitigate losses associated with ransomware attacks. Coverage includes the ransom payments and the cost to recover data. Many companies purchase this coverage as a backup in the event of an attack.

Conclusion

Cantor Fitzgerald LP is a financial services company that was the victim of a ransomware attack in 2020. The company decided not to negotiate with the criminals and that it had backups that would allow it to restore its systems. This move is a growing trend as companies are advised not to pay and instead rely on backups and cyber insurance.