Expert Reaction On Stock Market Ransomware Attack

By   ISBuzz Team
Writer , Information Security Buzz | Apr 26, 2021 04:53 am PST

Recently it was reported that ransomware groups are continuing to seek out new avenues to rake in profits and ratchet up pressure on victims. The DarkSide ransomware group is openly coaxing stock traders to reach out and receive the inside scoop on the gang’s latest corporate victims, so they can short sell their stock before any data is leaked and the news goes public.

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Carl Wearn
Carl Wearn , Head of E-Crime
April 26, 2021 12:56 pm

<p>This is further evidence of the detrimental effect that ransomware can have upon an organisation. Ransomware is becoming an increasingly popular method for cybercriminals, with the recent Mimecast State of Email Security report finding that 48% of UK businesses have been affected by ransomware in the past 12 months These attacks have massive ramifications for organisations such as downtime and loss of productivity, with our research showing that 33% of UK businesses affected by ransomware suffered between two and three days of downtime, with business disruption (38%), impact to employee productivity (35%),and data loss (29%) the most common consequences. But on top of this loss of productivity, ransomware also has financial implications with victims seeing their share price taking a hit. It is therefore unsurprising that many victims pay the ransom demanded and our research shows that 50% of organisations impacted paid the ransom. For many organisations, the damage is already done, with the financial impact and the effect on customer trust. The best way to avoid failing victim to ransomware is to implement strong resiliency measures and ensure that employees are properly trained in cyber awareness.</p>

Last edited 2 years ago by Carl Wearn

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