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Ransomware in 2018 Has New Leverage

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Ransomware’s Unexpected Ally: GDPR

While the intentions of GDPR are positive, analysts are predicting an unintended side effect. Actors using ransomware to extort companies could use GDPR as leverage.

With the strict requirements to stay within GDPR compliance, actors can put pressure on victims to pay out as quickly as possible.

In addition, because GDPR requires the reporting of a cyber breach, reputations will be immediately damaged regardless of how the event turns out. Such reputational damage can cost entities significantly.

Insurance claims are the aftershock of ransomware

In 2017, the UK supermarket chain Morrisons faced a lawsuit regarding compromised data. Those persons who had their data compromised sought compensation, and were granted it by the court. This ruling sets the stage for any number of similar cases of people seeking damages from having their data stolen.

After having already dealt with the costs of fixing the breach and reputational damage, the ransomware event bites back again with these new costs.

The IoT is the next cyber-crime minefield

While not getting the attention it deserves, IoT ransomware attacks are on the rise. In addition, IoT devices are getting smarter, more pervasive, and starting to collect valuable data. This is an already vulnerable field that is only getting more dangerous.

Companies need to get an understanding on just how many IoT devices they have in their networks. Security can’t be maintained if it’s unclear what could be vulnerable.

The bottom line is this: cybercrime costs continue to increase rapidly and are expected to hit $2 trillion in 2019. What will you do to prepare your systems?

Syxsense is prepared to address the threats of today and tomorrow. With our Patch Manager, you can easily identify vulnerable devices and patch them immediately.

Our discovery feature can also show you just how many IoT devices sit inside your networks. With a clear picture of your environment, you can implement a solid protection strategy.

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