Recently, International Cyber Risk Management Conference (ICRMC) has taken place in Toronto where expert professionals from various cyber security companies have discussed the existing and looming cyber threats for businesses. Unsurprisingly, ransomware is one topic which has been extensively conferred about at the platform.
For instance, Vice President of a cyber security firm FireEye, Matt Hartley, has discussed the future viability of ransomware attacks. He is of the thought that ransomware attacks will continue to happen as long as they are bringing fortunes to the perpetrators. Hartley is an expert in intelligent engineering and looks over the global services of the company. He has warned enterprises that cyber shenanigans will continue to evolve like a successful business model.
Evolution of Cyber Attacks into Ransomware and Beyond
Hartley has summed up the evolution of cyber threats and particularly ransomware at ICRMS. In recent years, cybercriminals have switched from stealing online credentials to transmit cryptographic malware into devices to lock them down and then demand money for the restoration of ransomware files.
Hartley thinks that ransomware has become a darling of cybercriminals because it is more efficient in interrupting and dislocating business operations of the affected organization in comparison to Digital ID thefts.
He has also indicated a progression in the method of ransomware operators to ensure that their attacks succeed and they continue to make money. In the beginning, cryptovirological operators would ask for hefty amounts to restore ransomware files. But now they have lowered their ransom demands to a level where decision-makers find it hard in deciding whether to employ ransomware removal measures or to pay extortion money to the perpetrators for the restoration of their business operations.
Other than that, some ransomware operators are also working on technological features that will allow them to work even in an offline environment. This aspiration shows that cybercriminals want to stick to ransomware for their future activities as well. This development also insists cyber security experts to continue to streamline their ransomware removal practices in order to negate the evolving threat of this cryptographic malware.
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