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The Silver Bullet for Ransomware’s Golden Goose

3 years ago 110
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31. July 2021

This article has been indexed from Cyber Defense Magazine

You report to work early one morning only to find your computers frozen, your essential data locked and an ominous message from cybercriminals demanding an outlandish ransom to restore them. In the meantime, your employees can’t work, your customers can’t buy your products and you’re bleeding revenue by the minute. Could it happen to you? Unfortunately, the odds are bad and getting worse. Between 2019 and 2020, attacks increased 62 percent worldwide and 158 percent in North America, according to cybersecurity firm SonicWall. The pandemic ushered in a new era of of remote and hybrid work – and with it, new opportunities for criminals to worm their way onto the corporate network through VPNs and remote desktop applications. Last year, 61 percent of companies were hit with ransomware. Nearly 300 have been attacked so far this year, earning cybercriminals at least $45 million. And those are just the attacks we know about. No sector of the economy is immune. The more critical data is to organizations, the greater the leverage it offers to criminals, who have extended their sticky fingers from businesses to schools, hospitals – and with the Colonial Pipeline attack –national infrastructure. Even if you don’t pay the ransom, an attack represents a severe financial hit. Costs –including lost productivity, investigations and forensics, breach notifications and reputational damage – are rising at a clip of 30 percent a year, according to research firm Cybersecurity Ventures. By 2031, the organization predicts ransomware will cost companies $265 billion, with an attack occurring every 2 seconds. What accounts for this stupendous rise in size and scale? In a word, money. Technically, ransomware is just another form of malware, but financially, it’s a juggernaut for criminals, who know that today’s companies simply can’t function without access to their data. In recent years, they’ve found ways to extract revenue from it long past the initial ransom demand. To understand and outsmart their lucrative business model, you need to examine the dynam <br data-recalc-dims=[…]
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