Global Ransomware damage costs are predicted to exceed $265 Billion by 2031 (cybersecurityventures.com) Ransomware has been topping headline news on a daily basis and is becoming our No. 1 “cyber-enemy”. According to Harvard Business Review in May 2021, ransomware attacks were up 150% over the previous year. The amount paid by victims of these attacks increased more than 300% in 2020. This massive uptrend is further fuelled by accelerated digitalisation creating fertile soil for such attacks. The risk of data exposure will only grow given that remote workers’ personal devices are more vulnerable. According to the Cybercrime Magazine, ransomware damage costs are predicted to exceed USD265B annually and attacking a business, consumer, or device every 2 seconds by 203
Governments and critical infrastructure are not the only targets, ransomware attackers are less concerned about the industry and more focused on scope and scale. They go after large enterprise networks to secure the biggest possible ransom. Therefore, big enterprises e.g., banks, manufacturers and even high-tech companies and cybersecurity providers themselves are popular targets.
We believe enterprises should adopt a holistic approach, addressing the essential aspects including enhancing awareness and governance, while adopting suitable and robust technology solutions that best suit the technical environment that support the entity’s business operations. The adoption of true end-to-end encryption would be a key preventive measure, and leveraging the latest verifiable digital credentials would provide the average email user the means to verify the purported identity of the party sending the email.
You need to act now!
We at IronCAP™ have been trying to educate businesses and individuals that Q-day (the day the first quantum hack is publicly recognized) is around the corner and everybody needs to gear up. Nation states and governments are already at it, how about you? To learn more, visit www.ironcap.ca.
IronCAP™ is our latest innovation for the post-quantum cybersecurity. This patent-protected, post-quantum cryptographic system is based on the Goppa Code-based cryptographic technology. It has embedded our proprietary subclass of (L, G) making it not only more secured but also has faster cryptographic operations (key generation, encryption, decryption) than the traditional Goppa Code-based technology (McEliece). We are offering a live demonstration for the general public to try and experience the strength of IronCAP™ post-quantum encryption easily. To learn more, visit www.ironcap.ca.