https://www.forbes.com/sites/chuckbrooks/2021/08/21/ransomware-on-a-rampage-a-new-wake-up-call/?sh=38a0815b2e81
Ransomware is on a rampage targeting industry and organizations. It is also and creating significant cybersecurity challenges. Ransomware is a type of malware cyber-attack where key files are encrypted encryption by hackers that renders data inaccessible to the victim. It is a criminal extortion tool and after an attack has occurred, the hackers will promise to restore systems and data when ransom is paid by the victims.
The use of ransomware by hackers to leverage exploits and extract financial benefits is not new. Ransomware has been around for over 2 decades, (early use of basic ransomware malware was used in the late 1980s) but as of late, it has become a trending and more dangerous cybersecurity threat. The inter-connectivity of digital commerce and expanding attack surfaces have enhanced the utility of ransomware as cyber weapon of choice for bad actors. Like bank robbers, cybercriminals go where the money is accessible. And it is now easier for them to reap benefits from extortion. Hackers can now demand cryptocurrencies payments or pre-paid cards that can be anonymously transacted. Those means of digital payments are difficult to trace by law enforcement.
But it is not just the financial gains, while hackers can use ransomware to extort, it can also be employed to harass and demonstrate vulnerabilities to critical infrastructure. In this sense, state actors and/or criminal gangs can use ransomware as an instrument of geo-political power. Hackers often operate in tacit support by nation state actors and criminal enterprises acting in cahoots. The use of ransomware against critical infrastructures has certainly elevated the issue to global national security levels.
The Targets (and Costs) of Ransomware Attacks:
The current state of cyber-affairs is an especially alarming one because ransomware attacks are growing not only in numbers, but also in the financial and reputational costs to businesses and organizations. Three statistics stand out that highlight ransomware trends and implications: