Ransomware: The Good, the Bad and the Ugly
Ransomware has quickly emerged as a billion dollar industry and shows no sign of slowing down. So why is ransomware the ubiquitous nuisance it is? Simple: It works.
June 05, 2017 at 09:00 AM
13 minute read
This article appeared in Cybersecurity Law & Strategy, an ALM publication for privacy and security professionals, Chief Information Security Officers, Chief Information Officers, Chief Technology Officers, Corporate Counsel, Internet and Tech Practitioners, In-House Counsel. Visit the website to learn more.
Ransomware has quickly emerged as a billion dollar industry and shows no sign of slowing down. 2016 statistics indicate that 40 percent of spam email contained ransomware, representing 60 percent of infections. Every 40 seconds, a company gets hit with ransomware and payouts are significantly higher than consumer focused cyber extortion, with payments ranging from $17,000 to $150,000. And just recently, countries in Europe and elsewhere were hit with a massive ransomware attack by the WannaCry malware. Fortunately, the U.S. was mostly spared.
So why is ransomware the ubiquitous nuisance it is? Simple: It works. Over 70 percent of companies pay the ransom.
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