It can be unanimously and globally agreed upon that this has not been a good year. While the world is focused on a virus that has caused a health crisis, a computer virus is sneaking around and wreaking havoc into our socially-distanced lives.
Digital technologies have played the central role in keeping things as normal as possible, allowing businesses to achieve continuity in their operations. However, several incidents have been reported where malicious elements hacked into the online systems and compromised the privacy, security, and integrity of the digital solutions.
A ransomware attack early this year against the City of New Orleans government cost the city $7 million. As per a report, ransomware attacks are causing businesses more than $75 billion every year and it is expected that by 2021, it will cost $6 trillion annually as a new business will fall victim to a ransomware attack every 11 seconds. To the very least, these numbers are concerning and paint an ugly picture of the security status of organizations across the globe.
In a ransomware attack, the data of an organization or individual is held hostage. The malware encrypts the files and prevents the users from accessing the data on their device until a certain amount of money is paid to the attackers as ransom for decrypting and releasing the information. In the time when data is everything for a business, a ransomware attack can cripple an organization’s operations and negatively impact their ability to perform necessary actions.
Over the years, we have had to deal with some serious ransomware attacks. Remember WannaCry in 2017? There were over 200,000 victims and 150 countries affected with online transactions stalled and ATMs shut down. Usually, the ransomware attacks would threaten to release the encrypted data to the public in case the compromised entities failed to pay the ransom. But these threats were found to be mostly empty, until Maze. The Maze Ransomware is taking it further up a notch.