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.

It's pretty shameful that in the current crisis we're seeing ransomware on the rise. It's even more shameful that organizations involved in fighting the virus seem to be especially at risk. Last year ransomware targeted healthcare more than any other industry, accounting for 29% of total ransomware attacks, according to Beazley's 2020 Breach Briefing report. Recent events suggest that attacks are up as the COVID-19 virus spreads, with criminals working on the theory that an organization desperate to unlock its data is now more likely to pay.

The combined effects of COVID-19 + ransomware have already seen one victim as Travelex entered into administration on Aug. 6, 2020 after having reportedly paid a ransom to hackers. A rescue package was agreed but with the loss of 1,300 jobs. Regrettably it is likely that Travelex will be just the first of many victims.