Mimecast’s State of Ransomware report has revealed the true cost of falling victim to ransomware, and the results are staggering. Eighty per cent of IT security professionals questioned said that they had been the target of a ransomware attack in the last two years. Thirty-nine per cent of those attacked revealed that they had paid a ransom to attackers in order to salvage their data. The average ransom paid by US companies was $6.3 million, while companies in Canada paid a slightly lower average of $5.34 million. The report showed how critical it is to take measures to mitigate, and protect systems from, ransomware attacks.
In July 2021 the IT firm Kaseya suffered one of the most infamous ransomware attacks yet. The hack cascaded down to hundreds of companies that used Kaseya, causing downtime and damage for businesses around the world. Until now, ransomware gangs have faced very few consequences – mostly due to their own governments not acting, and the relatively anonymous payment methods used for ransoms. However, in October 2021, US authorities managed to apprehend a high-profile hacker, a Ukrainian individual, who will be extradited from Poland. If successfully prosecuted, this would signal the US’s intent to fight ransomware gangs.
Interview with João Marcos Granado Sales Manager MyCena, presents the possibilities of the market in credential management, what are the alternatives in addition to a strong password and how companies of all sizes can develop a strategy to protect the credentials of all its employees. Watch video
Interview with João Marcos Granado Sales Manager MyCena, presents the possibilities of the market in credential management, what are the alternatives in addition to a strong password and how companies of all sizes can develop a strategy to protect the credentials of all its employees. Watch video
The dark web is full of shady purchase options. One which is gaining in popularity is the offer of ransomware-as-a-service (RaaS). Many hackers are now choosing to sell the software they have created instead of carrying out attacks themselves – and they’ve found willing buyers. Lured by the large ransoms splashed across the news, amateur hackers are purchasing monthly RaaS services, enabling them to target companies themselves. If successful, it is thought that the users share the ransoms with their RaaS providers. The growing popularity of this service further emphasises the need for impeccable cyber security systems for corporations and individuals alike.
Lindy Cameron, the chief executive of the UK National Cyber Security Centre, has warned that December 2020’s Solarwinds attack may inspire further incidents in the future. She explained that strikes on major corporation supply chains are a huge success for any cybercriminal, and that the considerable disruption caused by the Solarwinds attack would be a blueprint for others. Cameron singled out supply chain and ransomware hacks as threats the world would face for years to come. “It's particularly the case because we anticipate that technology supply chains will become increasingly complex in coming years," she said.
