The Future of Ransomware: Are We Prepared?

My Geek Score: We’ve seen the rise of ransomware for years. It’s a simple concept that can be expressed in a very straightforward way.

A virus is designed to infect your computer and then not allow you to do anything. There are many different types of ransomware, but the most common forms are those that encrypt files or spread through email attachments.

Brenntag ransomware attack has been in the news recently. This malware mainly targets Internet of Things (IoT) devices, but can also target mobile devices.

It all started in the early 1990s when a group of developers and hackers called “The Untold Story” faced a challenge with the CryptoLocker software. The authors had been working on a new way to encrypt files and demanded a $20,000 ransom for decryption.

They had also created an automated system to do so, which was likely why they were willing to pay the ransom; however, this further entrapped their users into paying ransoms before they could get back control over their devices. The creators even made it so that if they were caught, they would face jail time or even the death penalty.

If you don’t think that those are scary enough reasons for you to pay the ransom, imagine how many innocent people have paid for such services?

There are many different ways in which ransomware has been used as well as paid for by malicious individuals and organizations alike (or perhaps it is these organizations who use ransomware). Some examples include:

A hacker might use ransomware on an unsuspecting victim with little to no intention of ever meeting them in person (e-mailing them from Russia) A government might use ransomware on citizens and businesses without their consent An organization might use ransomware in order to gain access to sensitive data An organized crime group might use ransomware as part of their business model

These methods aren’t just limited only to criminals either; there are legitimate companies like CyberArk who will take money too! However, it should be noted that not all ransoms are legitimate; there is also a gray area between legitimate and fraudulent ransoms which can be determined based on how much money is being asked in order for access or restoration of files or other important data/content.

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High Profile Ransomware Attacks 2021

My Geek Score: Over the past few months (and years), we have seen a growth in ransomware attacks, a lot of the high-profile attacks. These attacks against U.S. companies and agencies result in a shutdown of critical infrastructure, which could create shortages, increased cost of goods/services, financial loss because of the shutdown of operations, and loss of money because of having to pay the ransom to the hackers, and worse.

3 high profile ransomware attacks 2021

i) Colonial Pipeline Company 

The US Colonial Pipeline Company's pipeline system suffered a major ransomware attack in May this year. The cyberattack affected his computerized equipment that manages the pipeline, which originates from Houston, Texas, and cut fuel supplies to most of the east coast of the United States for days. IT Systems, Colonial Pipeline Company has ceased all pipeline operations to prevent further damage. With the help of the FBI, the company paid out $ 4.4 million in bitcoins, as requested by the hackers. The FBI said the attack was headed a month after the payment was made, the Justice Department reported that the FBI had confiscated part of the payment using a private key.

ii) Acer

Taiwanese IT giant Acer was hit by a REvil ransomware attack in March this year. The hackers asked for a whopping $ 50 million. They shared pictures of stolen files as evidence of Acer's security breach and the resulting data breach. According to media reports, the company gained access to Acer's network through a Microsoft Exchange vulnerability that resulted in the hacking of 30,000 emails from US governments and trade organizations by large corporations every year, the same hackers responsible for the 2020 ransomware attack on Travelex. While the computer manufacturer never confirmed whether it actually paid the ransom, it is said that companies like his have been constantly attacked and observed unusual situations reported to authorities. Police and data protection are required.

iii) CNA Financial 

Chicago-based CNA Financial Corp., one of the largest insurance companies in the United States, discovered a breach in March this year. The ransomware attack is said to have resulted in the data of around 75,000 people being compromised. This data could include names, health benefits information, and social security numbers of current and former company employees, contract workers, and their dependents. According to media reports, in late May, CNA Financial agreed to regain $ 40 million in access to its network. The hackers used malware called Phoenix Locker, a variant of Hades created by the Russian cybercrime syndicate Evil Corp.

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