Ransomware:
A formidable threat
Since the first recorded ransomware attack in 1989 called PC Cyborg,
ransomware has become a prominent cyber threat featuring dangers
that sound more like the stuff of comic books continuing to attract
worldwide attention (CryptoLocker [2014], Petya [2016], WannaCry
[2017], NotPetya [2017], and Ryuk [2019]).
Ransomware attacks are costing governments, nonprofits, and
businesses billions of dollars, and interrupting operations. Attacks
like NotPetya forced shipping giant Maersk to reinstall 4,000 servers
and 45,000 PCs for $300M due to "serious business interruption." The
ransomware attack on the City of Baltimore cost over $18M, and local
governments from Riviera Beach and Lake City, Florida will pay hackers
$1M combined to hopefully get its systems and data back.
Even though it is difficult to estimate the frequency of ransomware
attacks due to an unknown number of unreported incidents and
thwarted attacks, the U.S. Federal Bureau of Investigation (FBI)
anticipates the threat to become "more targeted, sophisticated, and
costly" in the foreseeable future. These warnings reach beyond U.S.
borders, with Europol also calling ransomware the "most widespread
and financially damaging form of cyberattack."
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