Cybercrime reached all new heights in 2017 according to Malwarebytes Cybercrime Tactics and Techniques: 2017 State of Malware report .* Ransomware attacks alone in 2017 represented an increase of 10 times the rate in 2016 against businesses. Michael Patterson, CEO at Plixer commented below.
Michael Patterson, CEO at Plixer:
“Cybercrime has evolved to focus heavily on revenue generation for bad actors. The explosive growth in ransomware and cryptocurrency mining attacks seen over 2017 was due to their effectiveness in generating revenue. Extortion in the form of encrypting user’s data, and the process of stealing CPU cycles to mine Bitcoin, have been lucrative for cybercriminals. The velocity of these attacks will not slow down as long they continue to be successful. Organizations must understand that breaches are inevitable, and they must have incident response technologies and processes in place to react quickly to these attacks. Network traffic analytics provides the forensic data and reporting to know what happened so you can quickly return to normal. In addition, data backup and recovery processes must be put into place so that encrypted data can be restored without having to pay a ransom.”