“Ransomware: No Honor Among Thieves and More Expensive” by Sensei’s Sharon Nelson and John Simek was featured in the June 2018 issue of the San Bernardino Bar Association Bulletin.
Excerpt: The FBI says that ransomware nets cybercriminals $1 billion a year. No wonder so many people want a piece of that pie.
Computerworld recently reported that hackers spreading ransomware are getting greedier. In 2016, the average ransom demand to provide the decryption key for encrypted data rose to $1,077, up from $294 the year before, according to a report from security firm Symantec. Symantec also reported a 36% increase in ransomware in 2016 from the prior year. We are aware of small law firms in Virginia that paid $1200 and $3000 to get their data back – the damage being furthered by the length of time it took to restore the data.
Helping to fuel the ransomware boom is the digital black market, where hackers can sell ransomware kits for as little as $10 and as much as $1,800, making it easier for other cybercriminals who can’t code to get a piece of the action.