The History of Ransomware: From Malware-Ridden Floppy Disks to "Trusted" Cyber Gang Tycoons

Security Insights - Cybersecurity for Real-World Workplaces

Chief Security Officer Phil Richards rejoins Chris Goettl, Head of Endpoint Security Product Management, for a history lesson of ransomware attacks: starting with its origins on malware-riddled floppy disks and ending with predictions of where ransomware gangs will go after several recent -- and highly publicized -- ransoms.
Today's talk covers:

• The start of ransomware as malware hidden in floppy disks containing AIDS education materials that required victim users to mail paper checks as ransom to Panama
• The recent explosion in value of ransomware extortions from a few thousand USD and four days down time... to $4.1 million USD ransoms of the Colonial Pipeline and weeks or months of time to restoration.
• Why the ransomware business model requires users to trust the criminal actors (as odd as that seems!)
• How ransomware gangs are expected to adapt to modern cybersecurity defenses, requiring security teams to implement multiple tactics to prevent successful ransom attempts and interruption to business operations

• Join the conversation online on LinkedIn (linkedin.com/company/Ivanti)