Magpie Tech Tips

July 15, 2021

Cybercriminals Now Acting Like VCs – Investing in Newer, More Destructive Ransomware Strains

First we had ransomware gangs. Then Ransomware-as-a-Service made ransomware into a cheap commodity on the Dark Web. Now cybercriminals have turned "VC" by investing in new startups...to make ransomware bigger and stronger!

Cybercriminals have made billions these past few years, crippling businesses with ransomware, selling stolen data, and ripping off thousands of people.

Now they're investing that money into more criminal enterprises!

LIFARS, a cyber security firm, has identified the creation of a "criminal venture capital" sector arising within the ransomware ecosystem. This is bad. Really bad.

Basically, certain individuals or groups of cybercriminals are backing new cybercriminal startups, in exchange for a percentage of their "earnings." Venture Capitalists do the same thing for legitimate businesses, in the hope of making money from the business' success.

These "Criminal VCs" want to make money from new types of malware. More destructive ransomware.

What can we do about this? We do what still works—educate our teams on how to spot and block cyberattacks. So far, ransomware can't let itself into your company's network—it has to trick a human into opening the door. If the human knows not to, then the ransomware can't wreak havoc.

(Source: KnowBe4)

CYBER FU TIP!  Book Employee Cybersecurity Training for your teams as soon as possible. Ransomware's about to get even worse...so let's beat it to the punch!


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