Security News > 2021 > November > FBI: Ransomware targets companies during mergers and acquisitions
The Federal Bureau of Investigation warns that ransomware gangs are targeting companies involved in "Time-sensitive financial events" such as corporate mergers and acquisitions to make it easier to extort their victims.
"The FBI assesses ransomware actors are very likely using significant financial events, such as mergers and acquisitions, to target and leverage victim companies for ransomware infections," the federal law enforcement agency said.
Last year, the REvil ransomware gang said they were considering adding an auto-email script that would reach out to stock exchanges, such as NASDAQ, to let them know that companies were hit by ransomware to impact their stock price.
Between March and July 2020, at least three publicly traded US companies actively involved in mergers and acquisitions were victims of ransomware during their respective negotiations.
The FBI says that it does not encourage paying a ransom to ransomware gangs and advises companies against it as it's not guaranteed that paying will protect them from data leaks or future attacks.
The FBI recognizes the damage a ransomware attack can do to a business since executives may be forced to consider paying a ransomware actor to protect shareholders, customers, or employees.