I’m beginning to think we should ban ransom payments to criminals or at least disallow insurance to cover them. I know that sounds extreme, but hear me out. It’s very worth exploring at this time, as the scope of the problem is exponentially growing in the wake of COVID-19. According to a new report by Emisoft, ransomware demand costs could reach new highs this year exceeding $1.4 billion in the United States in 2020.
Ransomware Has Evolved and the Stakes Are Getting Higher
Ransomware attacks have changed over the course of their notoriety. While some might think that because the typical target is no longer individuals, but rather larger organizations, that they are personally safe, the truth is actually that the risks have only gone up for both individuals and organizations. Whereas before, an individual would know if their data had been taken ransom, it is more likely now that data they’ve entrusted to a third party (often entrusted to yet another third party), is being taken, leaked or sold, and the individual is not made aware until the larger organization notifies them, always long after the fact, usually only announcing incidents when obligated to, meaning you are just as at risk, without the knowledge or agency to protect yourself.
