The recent ransomware attack by DarkSide on the Colonial Pipeline highlights how crippling ransomware attacks can be on a business. Colonial Pipeline was forced to shut down operations for 6 days after their files were encrypted by DarkSide. They paid a cryptocurrency ransom of $5m to get the decryption keys.
Can this happen to a financial services firm? Absolutely and it has. Can this cripple your firm? Guaranteed. This article discusses the risks of ransomware, what is ransomware, how it works, the costs of paying and denying the ransom, and how you can protect your firm now.