In the past decade, ransomware attacks have become an increasingly common form of cyberattack. Ransomware is a form of malicious software (malware) that blocks access to an infected computer by encrypting files until ransom is paid. The payments are typically made in bitcoin, a digital currency that is virtually untraceable.
Recently, ransomware attacks have reached a new, heinous level. Rather than simply holding victims’ files ransom, attackers are now stealing and publishing files, as well as threatening physical harm. In one case, a hacker group known as Maze stole and threatened to publish data belonging to Travelex, a foreign exchange firm. In another case, a group called Ryuk is threatening to publish stolen data belonging to a major defense contractor.
The prevalence of these types of attacks highlights the need for organizations to have robust cybersecurity. This includes the implementation of cybersecurity best practices, such as the use of two-factor authentication, updating operating systems, and regularly patching security flaws.
Organizations should also consider investing in a cybersecurity insurance policy, as it is often more cost-effective than paying a ransom. If an organization does decide to pay a ransom, it is crucial that the payment is made to the correct address, and that victims do not communicate directly with the attackers.
It is clear that ransomware attacks are becoming increasingly more dangerous and sophisticated. As such, it is essential that organizations pay attention to the latest security news, update their security measures accordingly, and remain constantly vigilant.
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