Ransomware Attacks Are Growing More Costly and Effective by the Day

Ransomware Attacks Are Growing More Costly and Effective by the Day

The availability of commodity bots and ransomware is making the business of ransomware accessible to just about every. And, according to new data, everyone’s getting in on the game. We love reports that provide an insightful view into what the bad guys are doing, quantifying what we’re all experiencing as an industry. A new report from threat intelligence firm Group-IB entitled Ransomware Uncovered 2020-2021 sheds some much needed light on the current state of not just attacks, but the specific methods and techniques used in today’s ransomware attacks. According to the report: The average ransom in 2020 was $170,000; up from $80,000 in 2019 The average dwell time on a victim network was 13 days The average downtime resulting...

How Does Ransomware Spread Globally? Through Malware.

How Does Ransomware Spread Globally? Through Malware.

Ransomware is a type of malware that involves encrypting a company’s or individual’s useful data or blocking users from accessing their computer systems in exchange for a given amount of money. Cybercriminals are always on the look-out for creatives means for getting a hold of your data so that they can have them at ransom. Every day you hear of someone’s account being hacked. But, how does ransomware spread? You ask yourself. It is a common question that most people ask and wonder, especially when the attack strikes. This article delves into seven common ways through which Ransomware has and still manages to spread globally. They include the following. Email Attachments Email is a common avenue for ransomware transmission....

Cyber Insurance is might not Cover that $6 Million in Cyber Fraud

Think Your Cyber Insurance is Going to Cover that $6 Million attack in Cyber Fraud? Think Again.

The latest tale of an organization falling victim to a business email compromise cyber attack on their credit card processor highlights how very specific the scenario needs to be to see a payout.  In 2018, RealPage, a Texas-based service provider for property owners and property management companies was the victim of a cyber attack that took the company for $6 million. RealPage processed their credit card transactions through a third-party processor, Stripe. Stripe fell victim to an impersonation attack where cybercriminals gained control over a RealPage user’s credentials and convinced Stripe to modify the disbursement instructions to point to a bad guy-controlled bank account. In total, $10 million was sent to the fraudulent account, with $4 million recovered. In...

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