The evolu on of ransomware
Ransomware is a type of malware a ack that can use phishing spam and
social engineering to encrypt and deny access to cri cal data. The a ackers
then demand a ransom in exchange for decryp ng the data and returning it
to a usable format. What was once a lone wolf act, cybera acks have become
a very sophis cated form of digital organized crime. And as new emerging
technologies advance the capabili es of ransomware, bad actors can now
more effec vely mine for and exploit security loopholes. Ransomware is
even available as a service (RaaS), which expands the "prac ce" to a broader
range of bad actors without high technical skills.
For the financial services and banking industries, a ackers understand
the sensi vity and 'value' of your data. Their efforts intensified with the
COVID-19 pandemic as they looked to capitalize on remote workforce
models and ins tu ons in a state of flux. This was par cularly
evident by the dras c spike in efforts, as a acks on the financial
industry increased by 9X from early February 2020 to the end of April
of the same year.
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