Ransomware has advanced over the years from simple hacks on personal devices to sophisticated, well-coordinated supply chain attacks that target thousands of organizations simultaneously. Nothing best demonstrates this aggravation than the continually rising costs of mitigating ransomware attacks, which according to CIO.com, now stand at $1.85 million.
Businesses in all industries have become targets for cybercriminals looking to access confidential corporate and client data. Contrary to popular opinion, large corporations aren’t the only businesses that have fallen victim to cyberattacks. Small-to-medium-sized businesses have also experienced their share of cyberattacks and are increasingly becoming targets for cybercriminals.
On the onset of July Fourth, bad cyber actors infiltrated Kaseya, a Florida-based IT firm's systems, and successfully launched a scathing ransomware attack. They managed to encrypt and seize tons of data and demanded $70 million for its release.
The hack, which CBC News calls "the biggest ransomware attack on record," is just the latest in a series of several recent ransomware incidents.