MENU
  • Loading ...
  • Loading ...

Local Tourism

Latest News Local Tourism

Are you looking for a holiday? Get special deals.

 

How the growing Russian ransomware threat is costing companies dear

07 Feb 2022 By theguardian

How the growing Russian ransomware threat is costing companies dear

As group members were led away in cuffs, FSB officers gathered crypto-wallets containing untold volumes of digital currency such as bitcoin. Others used money-counting machines to tot up dozens of stacks of hundred dollar bills.

The cybercriminals behind REvil had mastered a form of extortion orchestrated by seizing control of company computer systems and demanding payment to unlock them.

When the boss of a company such as KP gets the dreaded ransom note, no matter what time of day, their next call might well be to US cybersecurity firm Mandiant.

The importance of computer systems to company supply chains, he says, affords enormous power to any hackers who breach their defences.

Hackers, he says, will even hand-hold executives through the process of buying and transferring the cryptocurrency favoured for ransom payments.

Depending on the sophistication of the attack, the damage done by a prolonged shutdown, and whether the likes of Mandiant can fix it, there is sometimes little choice but to pay.

On top of operational disruption, firms risk regulatory fines if data is leaked, as well as huge damage to their reputations.

Many now have cyber insurance that offers them the option of letting the insurer pick up the tab, albeit while fuelling criticism for potentially fuelling future attacks.

Ransomware attacks are on the rise. There were 1,396 in 2020, according to Ransom-DB, which tracks such incidents. The number nearly doubled to 2,699 in 2021, with about 35-40% of cases ending in a ransom payment.

The likelihood, Ransom-DB says, is that many more go unreported. In the UK, the body responsible for stemming the tide is the National Cyber Security Centre (NCSC).

Some have proposed banning companies from paying ransoms, in theory removing the incentive for such attacks. This, warns Fairford, may just result in companies failing to report attacks or simply going out of business.

The challenges for those trying to stem the tide are manifold. Gangs are anonymous, rebranding, and relocating as quickly as the authorities can find them.

The only solution, experts agree, is for firms to take every precaution to defend against some of the most well-known weaknesses that ransomware gangs exploit, often via individual staff members.

These include targeting computers used remotely by staff, a growing trend as the pandemic led to more people working from home.

More News

Booking.com
Home robot cooks, cleans and organizes your life
Home robot cooks, cleans and organizes your life
Healthcare data breach hits system storing patient records
Healthcare data breach hits system storing patient records
Bikini skiing takes off on slopes as record warmth forces resorts into survival mode
Bikini skiing takes off on slopes as record warmth forces resorts into survival mode
Student 'accidentally' finds 'extremely rare' Crusader-era sword after chasing off suspected thieves
Student 'accidentally' finds 'extremely rare' Crusader-era sword after chasing off suspected thieves
Cruise ship strikes reef near Tom Hanks' iconic 'Cast Away' island, sparking rescue at sea
Cruise ship strikes reef near Tom Hanks' iconic 'Cast Away' island, sparking rescue at sea
'Unsupervised' child at Hersheypark zoo injured by wolf after crawling under safety barrier
'Unsupervised' child at Hersheypark zoo injured by wolf after crawling under safety barrier
Vacation hot spot cracks down on vaping with jail threats and hefty fines
Vacation hot spot cracks down on vaping with jail threats and hefty fines
World Cup travelers to New Jersey for finals could pay more under Democrat-backed tax hike
World Cup travelers to New Jersey for finals could pay more under Democrat-backed tax hike
Michigan Democrat defends appearing with Hasan Piker, distances himself from podcaster's controversial remarks
Michigan Democrat defends appearing with Hasan Piker, distances himself from podcaster's controversial remarks
Astronaut tells CNN 'entire' Trump administration deserves credit for Artemis mission success
Astronaut tells CNN 'entire' Trump administration deserves credit for Artemis mission success
Chiefs heiress Gracie Hunt announces engagement to son of team's former quarterback: 'It was always you'
Chiefs heiress Gracie Hunt announces engagement to son of team's former quarterback: 'It was always you'
Gilgo Beach victim's son claims suspected serial killer's family turned horror into profits ahead of plea
Gilgo Beach victim's son claims suspected serial killer's family turned horror into profits ahead of plea
Cyndi Lauper hit with backlash over SAVE Act stance as critics say 'stick to performing'
Cyndi Lauper hit with backlash over SAVE Act stance as critics say 'stick to performing'
Livvy Dunne says she auditioned for HBO's 'White Lotus' but got rejected for a role
Livvy Dunne says she auditioned for HBO's 'White Lotus' but got rejected for a role
ICE nabs 5 illegal immigrants wanted for murder abroad in New England crackdown
ICE nabs 5 illegal immigrants wanted for murder abroad in New England crackdown
Massachusetts mom offers to admit killing 3 children as prosecutors push back on move that could dodge prison
Massachusetts mom offers to admit killing 3 children as prosecutors push back on move that could dodge prison
Dawn Staley asks basketball world to move on after tense exchange with Geno Auriemma in Final Four clash
Dawn Staley asks basketball world to move on after tense exchange with Geno Auriemma in Final Four clash
Fix winter car damage for as little as $6 - rust, scratches and more
Fix winter car damage for as little as $6 - rust, scratches and more
ICE involved in shooting after agency says illegal immigrant gang member tried to ram officer
ICE involved in shooting after agency says illegal immigrant gang member tried to ram officer
Rod Stewart's wife Penny Lancaster says she 'deserves a medal' for 26-year relationship
Rod Stewart's wife Penny Lancaster says she 'deserves a medal' for 26-year relationship
Latest News

copyright © 2026 Local Tourism.   All rights reserved.

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z