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Ransomware: Cyber Crime’s Billion-Dollar Industry

Ransomware: Cyber Crime's Billion-Dollar Industry Image

By David Jemmett

David Jemmett CEO of Cerberus Sentinel (now CISO Global), discusses ransomware

Ransomware is one of the most notorious and destructive tools in a hackers’ arsenal, with companies falling victim to attacks every day. The threat is a type of malware that infects computer systems, identifies underlying data, and holds that data hostage by encrypting it until a ransom is paid. In the last year, the world has witnessed multiple high-profile attacks, including a series of government networks being brought to a standstill after they were infected. Today, ransomware has evolved into a real-world threat and any organization or individual has the potential to become a victim. However, one industry at particularly high risk is healthcare.

Healthcare organizations are a prime target for cybercriminals due to the data repositories held by healthcare organizations.  These records are very lucrative and sought after in the black market of the Dark web. Typically, healthcare organizations do not have the budget to deploy state-of-the-art security solutions from budget constraints, they are fairly easy to compromise. The Healthcare industry also struggles to find and keep security talent, with teams being replaced regularly, leaving gaps in their knowledge and security posture which are frequently exploited by cybercriminals.

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