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Ransom: a sum of money is demanded in order for the release of goods.Software: the programs and other operating information used by a computer.
What do you get when you combine the two? Ransomware.
On March 22, 2018, a remote-triggered ransomware called “SamSam” demanded a one-time payment of $51,000 be made to restore the city of Atlanta, Georgia’s, data. Despite an operating budget somewhere in the neighborhood of $625 million, Atlanta’s municipal leaders refused to pay the fine. The “hostage situation” has cost the city over $2 million already with an expected $9.5 million more likely to be spent restoring and re-enforcing the municipality’s network and infrastructure. This doesn’t take into account downtime and the significant amount of data lost in the hack. Whether or not you think it’s a good idea to not pay the ransom, if a whole city - especially one as large as Atlanta - can effectively be crippled by a single hack, you better believe that your business has to get serious about its cybersecurity efforts.