LAW WEEK COLORADO
A fairly new cybersecurity threat is quickly becoming commonplace, and many legal departments are speculating about whether their companies’ data will be held ransom and when.
The information security community touted 2016 as “the year of ransomware,” and the risk of this type of cyber attack appears to be growing.
According to a Kaspersky Lab survey, a business received a ransomware attack every two minutes in 1Q 2016 and by 3Q, it was every 40 seconds. But with good data backup procedures and a response plan in place, companies can keep the expanding ransomware threat manageable, data security law experts say.
Hackers use ransomware to encrypt a victim’s files and then demand money from the victim — usually in bitcoin or other untraceable cryptocurrency — in return for the decryption key to restore access to those files.