The new protection racket
The world's largest meat packer hit by a ransomware attack.

The new protection racket

Welcome to the eighth edition of 'One cool story you missed' which will highlight one LinkedIn trending topic per day curated and cultivated by a LinkedIn News editor, as well as the conversations happening around it.

The new mafia is behind a computer screen.

LinkedIn News recently reached out to cybersecurity experts about whether we are living through an 'epidemic' of ransomware attacks, particularly after damaging ones on a major meat supplier and a gas pipeline company. Both showed how devastating this criminality can be to critical infrastructure and food supplies.

It is estimated that the U.S. faces on average seven ransomware attacks per hour and that number is likely to grow. The problem has gotten so bad that for the first time ever a U.S. president has addressed it in remarks. The pandemic has only worsened the problem as workers move their computers from work to home and elsewhere far more frequently. In addition, cyber criminals now request untraceable cryptocurrency to collect the ransom (though the FBI was remarkably able to claw back a recent payment by Colonial Pipeline from a Bitcoin wallet). And they've come to realize that for many companies it's simply easier to pay the ransom than to rebuild their entire system from scratch, as the City of Baltimore learned recently.

One comment we received got me thinking a lot about the nature of the threat and its longevity. Will ransomware criminals become like organized crime, demanding protection rackets from businesses all over the world, especially in places where the government can't help or fight back?

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Here's what other cybersecurity experts are saying about the threat:

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Shamane Tan

Chief Growth Officer, Sekuro | Best-Selling Author, TEDx & Global Keynote Speaker | LinkedIn Top Voice'24 | ARN Shining Star Multinational Winner | 40 under 40: Most Influential Asian-Australian

3 年

It is only going to continue to grow unless we see this as a global ecosystem problem which needs a global solution Alexander. In a podcast that I had recently with the A/Director from Interpol who heads up Cybercrime Threat Response, ransomware is propelled by the current industry issue of under-reporting and the more we continue to raise awareness and collaborate more closely within our communities, industry and across countries, we will be better equipped at fighting cybercrime at a global scale. https://www.dhirubhai.net/posts/shamane_meet-interpols-asst-director-of-cybercrime-activity-6810089392498180096-7nNY

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Debbie Reynolds

The Data Diva | Data Privacy & Emerging Technologies Advisor | Technologist | Keynote Speaker | Helping Companies Make Data Privacy and Business Advantage | Advisor | Futurist | #1 Data Privacy Podcast Host | Polymath

3 年

Alexander Besant, I think David Walker is correct ransomware is a symptom of a bigger problem. We cannot just treat the symptoms, we have to go to the root of the problem. We need more proactive strategy and action before anyone gets into a ransomware situation.

Michael Gehlert ?

?itcoin Ok, but why PiNet? because Digital Justice Without Force Is Powerless. A Force Without Justice Is Tyranical. IT-Forensics, Bitcoin Analyst, VitalTale.com + MyRenegade.eu Ambassador, Pi.Ai / PiNet Network.

3 年

I am assuming that the government security departments allmost will kept left in the back being the loosers in that race. Why? it`s because on the enormous capital that is used by the hightech criminals to evolve their malware development and environment systems.

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