Ransomware (Cybercrime-as-a-Service - “CaaS”) was very profitable in 2020 - think $370 Million!

09 March 2021 Internet, IT & e-Discovery Blog Blog
Authors: Peter Vogel

BankInfoSecurity.com reported that there was about “370 million in known 2020 ransomware profits - via ransoms that got paid - which represents a 336% increase over known 2019 earnings…. Ransomware dominated the online-enabled crime landscape in 2020, some security experts say, thanks to the massive profits it's been generating and the relative ease of use for attackers - including support from a burgeoning cybercrime-as-a-service market.”  The March 5, 2021 article entitled “Mark of Ransomware's Success: $370 Million in 2020 Profits” included these comments from security firm Trend Micro:

Many ransomware gangs' target selection evolved last year.

Ransomware operators ramped up attacks on critical industries such as government and healthcare, perhaps because of how important they were in dealing with the COVID-19 pandemic.

The manufacturing and banking sectors were also among the most targeted, it says.

Actually no surprise with this ransomware report from 2020!

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