Posts in Category: Ransomware

Blog Post List

The Growing Threat of Ransomware 

By M. Scott Koller, Attorney and member of BakerHostetler's Privacy and Data Protection Team

More than just a nuisance, ransomware has become a legitimate threat to business operations and continuity.

The FFIEC eerily foreshadowed the meteoric rise of ransomware in November, 2015. In the first three months of 2016 alone, the FBI estimates that cyber criminals have collected over $209 million from businesses, hospitals, and other institutions. If that rate continues, ransomware is on track to become a billion-dollar criminal enterprise. Moreover, that figure only represents reported losses and does not include unreported incidents or tangential costs such as system downtime, reputational damage and remediation efforts. The true magnitude is likely much larger.

Read More

 

Ransomware information resources available on aba.com 

From American Bankers Association
Documents to help you identify various forms of malware, outline preventative measures, business continuity considerations, and know what to do if infected with ransomware and how law enforcement can assist are now available at a newly created ransomware issue page from the American Bankers

Read More

 

Prevent the ransomware epidemic from infecting your organization 

by Heather Wyson-Constantine, Vice President of Payments and Cybersecurity, American Bankers Association

By now, you’ve mostly likely heard the news: ransomware is here and it’s a problem. The impact can be devastating. Imagine not being able to access your email, customer information or vital records for days or even weeks. Victims not only face monetary losses associated with the ransom and loss of business during the downtime, but also the additional forensics costs, the loss of employee productivity and, most importantly, customer trust.

Read More

 

A Dyre Situation: Malware Targets Corporate Banking Accounts 

First discovered in June 2014, “Dyre” malware has quickly become one of the most prominent banking Trojans targeting corporate customers’ bank accounts today. A system infected with the Dyre malware, which is delivered and downloaded through phishing/spam campaigns, will attempt to harvest customers’ information and online banking credentials to conduct unauthorized transfers.

Read More