Security News > 2021 > March > Inside the Ransomware Economy

The threat could still become more pervasive over the next two to three years, not because ransomware is effective in and of itself but because of other players in the game - insurance companies, brokers, and even attorneys - that continue to fan the flames.

Recent reports claim ransomware gangs earned at least $350 million in 2020, a staggering 311% increase over the previous year.

If a novel strain of ransomware is deployed, incident response consultants may be able to determine how the actor was able to gain access to the victim organization's infrastructure.

Not every organization that's hit with a ransomware attack is familiar with the fiduciary demands of an attacker, like how cryptocurrency such as Bitcoin works.

The 2019 ransomware attack on New Orleans forced the city to budget more than $7 million in financial damage, more than the city's $3 million cyber insurance policy.

Legal counsel - yet another player in the ransomware economy - has a role to play too.

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