#92 - Don't Pay the Ransom

Posted on Thursday, May 20th, 2021 at 7:42 am by LaLonde Jewelers

In 1980, when I started my Geological Laboratory in Honolulu, I checked into getting all the proper insurance coverage for me and my clients. So, this gentleman came to my office to explain what was needed to get the proper insurance.

He started out by saying my safe needed to be improved a better and higher rating than what I had. Next, my security system had to be updated and monitored. Then after all that good news on his way out he said, I needed a security door.

So, I started adding up what all this was going to cost and it seemed like a lot of money. Money, I didn’t have, and this was just the preparation. I still had to purchase the premium from the insurance company. So, in 1980 this was going to cost me about $10,000 dollars.

Well, a short time later, sure enough someone burglarized my office and I lost close to two hundred thousand dollars’ worth of inventory. I sat back and said to myself, “I wish I had paid 30,000 dollars for my security and insurance I would have been way better off.”

Well today I am happy to tell you that I have the best safes, the best security, the best insurance, and I feel like a fortress, but not so. Along came ransomware! These are the little crooks who live in beehives around the world and try to figure a way to get into your computers. Once they do, they can freeze the computer and ask for a ransom. Depending on the size your business would determine the amount of money they would ask for.

This happened to me. But I would not cave into their demands. I was able to circumvent them and bolster my computer security and not pay them. But it cost me a lot of money which I was glad to pay my tech people and not a geek in some foreign country.

The thing is, I was warned about not having the right precautions for my computer, but at the time I didn’t want to spend the money or didn’t pay enough attention to the warning.

So a week ago, an Oil Pipeline got ransomware hacked. I sit and wonder if they too were warned and fluffed it off and now wished they had heeded the call and spent the 1 million to update their computers so they didn’t have to shell out $5 million to some geek working out of a small apartment somewhere in Moscow.

Well, this guy is now living in a hillside home overlooking the Volga river. Remember just because the guy has a large home in the hills doesn’t mean he is a smart businessman. He may be a smart crook.

Written by Dan LaLonde, G.G., G.I.A.
Lalonde Jewelers & Gemologists
The Gem Expert