Summarized by Molly Luxem, Marketing Assistant

I shared a meal not long ago with a source who works at a financial services company. The subject of ransomware came up and he told me that a server in his company had recently been infected with a particularly nasty strain that spread to several systems before the outbreak was quarantined. He said the folks in finance didn't bat an eyelash when asked to authorize several payments of $600 to satisfy the Bitcoin ransom demanded by the intruders: After all, my source confessed, the data on one of the infected systems was worth millions -- possibly tens of millions -- of dollars, but for whatever reason the company didn't have backups of it.

This anecdote has haunted me because it speaks volumes about what we can likely expect in the very near future from ransomware -- malicious software that scrambles all files on an infected computer with strong encryption, and then requires payment from the victim to recover them.

Click here to read the full article from Krebs on Security.

 


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Published with permission from TechAdvisory.org. Source.