Intelligent CIO APAC Issue 14 | Page 83

FINAL WORD
US $ 10,000 in the third quarter of 2018 . Large enterprises are even making average ransomware payments of over US $ 1 million .
Why is ransomware so pervasive and how do these attacks continue to be so successful ? To answer these questions , it is important to understand how opportunistic and targeted ransomware attacks work .
What is an opportunistic ransomware attack ?
A whopping 86 % of breaches are financially motivated , according to the 2020 Verizon Data Breach Investigations Report . Attackers know that ransomware is one of the quickest and easiest ways to turn a profit .
By distributing ransomware in bulk using common ‘ spray and pray ’ tactics – such as phishing , social engineering and exploit kits – attackers can target many organizations and infect numerous desktops , laptops and servers in one fell swoop . Once deployed , the ransomware prevents users from interacting with their files , applications or systems until a ransom is paid , usually in the form of an untraceable currency like Bitcoin .
The 2017 WannaCry outbreak is perhaps the best example of an opportunistic ransomware attack . With the ability to self-replicate , this ransomware strain went viral , infecting more than 200,000 systems across 150 countries . The attack impacted organizations across many sectors , bringing business operations to a grinding halt .
Privileged Access Management is a critical , yet often overlooked , component of an effective endpoint security strategy .
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