November 17, 2021
General News

To stop the ransomware pandemic, start with the basics

TWENTY YEARS ago, it might have been the plot of a trashy airport thriller. These days, it is routine. On May 7th cyber-criminals shut down the pipeline supplying almost half the oil to America’s east coast for five days. To get it flowing again, they demanded a $4.3m ransom from Colonial Pipeline Company, the owner. Days later, a similar “ransomware” assault crippled most hospitals in Ireland.

Such attacks are evidence of an epoch of intensifying cyber-insecurity that will impinge on everyone, from tech firms to schools and armies. One threat is catastrophe: think of an air-traffic-control system or a nuclear-power plant failing. But another is harder to spot, as cybercrime impedes the digitisation of many industries, hampering a revolution that promises to raise living standards around the world.

The first attempt at ransomware was made in 1989, with a virus spread…

Read full article here: www.economist.com