McKinsey&Company
Payouts are growing sky-high
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It’s a C-suite concern. In this era of remote working, executives need to be particularly well versed in cybersecurity. Hackers are already using technology to cheat organizations out of millions of dollars by, for example, creating audio that impersonates a trusted party. A company’s ability to protect itself from cybercrimes will depend on its understanding of how to battle these newer risks, such as the viral spread of disinformation and deepfakes—which attackers will “almost certainly” use against businesses this year, warns the US Federal Bureau of Investigation. [FT] |
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Rising ransom payments. Victims of hacking were scammed out of $1.3 billion in the past two years, a new report reveals. Ransomware payments soared to $602 million in 2021, up from $152 million in 2019. The report noted that the 2021 figure is probably an underestimate, since many cybercrime victims don’t disclose that they’ve been hacked or that they’ve paid ransoms. Recently, the Australian, UK, and US governments issued a joint warning about the heightened threat from ransomware. [Bloomberg] |
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Cat and mouse. Thanks to rapidly advancing digitization, companies and communities are more connected than ever. This means that ransomware attacks can easily cost tens of millions of dollars and affect millions of people. Cybercriminals are growing ever-more sophisticated, dwelling undetected within victims’ environments to understand where the highest-value data and information are, and then selling that to other bidders. |
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Security gaps. In 60% of ransomware cases, users install malware directly or through desktop-sharing apps. Many employees are working from home during the COVID-19 pandemic, but home networks are often poorly secured. In addition, legacy systems often chug along on outdated software with security gaps. Learn the four essential strategies for fighting back against ransomware, including how to prevent, prepare for, respond to, and recover from ransomware attacks. |
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| — Edited by Belinda Yu |
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