BotNet News

Ransomware is malware that locks up data on infected devices and demands a payment to unlock it. The ransom demand typically involves a small amount of money, usually in hard-to-trace digital currencies, like bitcoin.

Ransom attacks have increased in recent years, partly due to the COVID-19 pandemic which accelerated the trend towards remote work and brought personal and business digital environments together. This makes it easier for bad actors to gain access to and encrypt valuable data. Additionally, as technology advances, ransomware attacks become increasingly complex and nefarious. For example, the infamous CryptoLocker ransomware emerged in 2007 and spread by using email attachments to infect users; while the WannaCry attack of 2017 was spread by exploiting Windows vulnerabilities.

Criminals who use ransomware often target smaller organizations as low-hanging fruit because they don’t have as strong cybersecurity measures in place, and they can make more money if they extort a smaller sum. They also know that companies that pay a ransom once are likely to do it again.

As attacks on critical infrastructure continue to rise, it’s imperative that organizations take a proactive approach to defense, including advocating for stronger industry standards and supporting cross-sector collaboration to prepare for and mitigate the risk of ransomware. In addition to monetary losses, delayed access to services like healthcare, energy and manufacturing could potentially cost lives. For example, a delay in diagnosing and treating patients with heart disease, stroke, or sepsis can lead to long-term complications and higher healthcare costs.