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Scrape Timestamp (UTC): 2024-05-08 07:35:53.422
Source: https://www.theregister.com/2024/05/08/mikko_ransomware/
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Ten years since the first corp ransomware, Mikko Hyppönen sees no end in sight. On the plus side, infosec's a good bet for a long, stable career. Interview This year is an unfortunate anniversary for information security: We're told it's a decade since ransomware started infecting corporations. Extortionists had been hitting normal folk in the early 2010s with file-scrambling malware. Eventually criminals figured out that there was much more money to be made hitting business networks and demanding big bucks. Since then, attacks have soared, show no sign of letting up, and the computer security industry still hasn't found a full and final fix. Mikko Hyppönen, chief research officer at WithSecure and all-round infosec industry veteran, will give a keynote talk at the RSA Conference in San Francisco today on just this topic – and he's not optimistic. Growth in both the number of attacks and the value of Bitcoin has created criminal unicorns with net worth in the billions, as he explains in the video below. Youtube Video He argued that while certain sectors such as government and healthcare are certainly attractive to extortionists, these criminals will go for the lowest-hanging fruit, meaning poorly secured IT environments are just as tempting. And it's increasingly hard for victims not to pay up when they see their stolen corporate data leaking online. There is one bright light on the horizon, for security folks at least: If you work in the industry, and you're good at it, then it looks like you've got a job for life.
Daily Brief Summary
Ransomware first began targeting businesses significantly about ten years ago, marking a shift from individual to corporate victims.
Mikko Hyppönen discussed the evolution and persistence of ransomware threats in a keynote at the RSA Conference.
The rise in cryptocurrency values, like Bitcoin, has financially empowered cybercriminals, creating highly profitable criminal enterprises.
Despite ongoing efforts, the cybersecurity industry struggles to fully prevent or resolve ransomware attacks.
Extortionists often target sectors with significant vulnerabilities, such as government and healthcare, but also attack any poorly secured IT systems.
The situation has forced many victimized companies to pay ransoms due to the threat of their data being leaked online.
The ongoing threat of ransomware provides job security for professionals within the cybersecurity field.