The Costs of Ransomware
Ransomware is a cyber threat that locks up data and demands payment to unlock files. This type of malware was popularized by CryptoLocker in 2007 and more recently by the WannaCry attack in 2017. According to online virus aggregator VirusTotal, ransomware attacks have increased exponentially over the past decade.
Attackers choose to exploit security weaknesses and hold the data of large companies, healthcare organizations, and government agencies hostage. They often demand tens of millions of dollars in ransom to release the data. When they do not meet their demands, attackers threaten to delete or corrupt the data, shut down services, or both.
Small and midsize businesses are the favorite targets of ransomware attacks because they do not have robust cybersecurity measures in place. Many SMBs depend on their computers to operate their business and manage crucial files. They may also think that paying a small ransom is less costly than losing revenue due to prolonged downtime.
The emergence of human-operated ransomware groups highlights the increasing sophistication of this attack technique. These groups have teams of human threat actors who identify vulnerabilities in target networks and deploy ransomware payloads. They use stolen credentials to gain lateral movement within an organization and then leverage their knowledge of common systems and security misconfigurations.
The increase in ransomware attacks is a serious societal concern. It requires a broad approach to countering it beyond technical exploits and countermeasures. It should engage the domains of economics and criminology to the same extent as computer science and include a discussion of the societal costs associated with these attacks.