May 24, 2022

Volume XII, Number 144

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May 23, 2022

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

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!

© 2022 Foley & Lardner LLPNational Law Review, Volume XI, Number 68
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About this Author

Peter Vogel, trial attorney, Foley Lardner
Partner

Peter Vogel is renowned as both a trial and transactional lawyer who deeply understands technology, science and intellectual property, and the opportunities and problems they pose for clients. Governments and administrative agencies, as well as major corporations and emerging businesses, rely on Peter to get right to the heart of an information technology or e-discovery dispute; he knows what to expect and how it will play out in the courtroom. This eliminates unproductive rabbit trails and reduces the cost of litigation for all parties. When negotiating agreements for...

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