This section outlines the salient points from this paper. While it’s my hope you’ll read this paper in its entirety as I couldn’t possibly cover every important point this paper makes, this section attempts to summarize this paper’s key points. § Ransomware, which rakes in a cool $1 Billion per year for its operators, claims a new victim every 11 seconds. (Cybersecurity Ventures, 2017) § Whereas commodity ransomware is employed opportunistically and traditionally got delivered in a “spray and pray” model, operators are now creating targeted ransomware built specifically for the organization they are targeting.
§ While one might think the revenues from ransomware and other profit generating cybercrime would go into frivolous purchases like Lamborghinis and mansions, almost a quarter of revenues generated are reinvested into traditional illicit criminal activities, such as terrorism, human trafficking, and drug production and trade.
§ Financial services now represents the 2nd highest number of Ransomware related breaches across all industries targeted in 2019-2020 (Coveware)
§ Cybercrime syndicates involved in profiting from ransomware must also launder their profits. While money is also laundered through more traditional means, such as through legitimate businesses, ransomware operators are now increasingly turning to laundering their money through cryptocurrencies, like Bitcoin.