Mimecast: The Rise of Ransomware During the COVID-19 Pandemic

It’s no secret ransomware attacks are on the rise. In the last decade, cybercrime has grown as a sizable threat to corporate and national security. Ransomware attacks, especially, skyrocketed in the last two years alone. This increase is due in no small part to the changes in the economy and technology caused by COVID-19. 
Ransomware is more common than ever 
Who’s at risk? 
How do ransomware attacks happen? 
How likely is a ransomware attack? 
Pandemic Challenges
Increased access to cryptocurrency 
The pandemic saw a rise in the use of cryptocurrency for both legal and illegal purposes. Attackers often ask victims to pay the ransom in a cryptocurrency. The criminals then exchange this money for a second form of cryptocurrency. Since cryptocurrency is encrypted, these exchanges are near-impossible to track.
Hybrid business models
COVID-19 forced companies to adopt unusual work practices. This shift can lead to vulnerabilities in their cybersecurity. More employees working from home means a company’s IT network sees a higher amount of traffic. Unfortunately, this leads to more blind spots in a security ecosystem. 
COVID misinformation 
Attackers can use the pandemic as a lure to bait potential victims for personal information (e.g., posing as the World Health Organization or non-profits). This sort of fraud is especially dangerous when combined with malware and ransomware attacks.
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Contact: cdarbellesv@iquanti.com
Source: Mimecast