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Tech Tip:
Ransomware affects you too
Matthew Cosgrove GreenStone VP of Information Security
What is Ransomware? There has been a lot of news coverage lately about ransomware and the global impact it has had on our supply chain industries. Internet Complaint Center (IC3) defines ransomware as a type of malicious software that encrypts data on computer files, systems, or networks, making it unusable. The malicious cyber-criminal demands a “ransom” for their release. If the ransom is not paid, the victim’s data remains unavailable. Ransomware is not new in the world of cybersecurity. In 2020, there were an estimated 506,000 ransomware incidents reported with a minimum of $18 billion paid in ransoms (Emisoft Malware Lab, 2021). That number does not include the outage and restoration time of these systems and organizations, which could potentially add billions more in total cost. However, it is a challenge to know the exact number of damages caused by ransomware because not every incident is reported.
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Summer 2021 — Partners