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Startups must master cybersecurity fundamentals to better withstand ransomware attacks


Despite some rare victories in the war on hackers in the last year — from the government seizing $2.3 million in bitcoin paid out to the Colonial Pipeline hackers to successfully disrupting the notorious REvil gang — the ransomware threat has grown. Over the last few months, threat actors have increased their attacks on public sector organisations such as hospitals, schools, and, in the case of Costa Rica, entire governments. 

The private sector is also dealing with an increasing ransomware threat, with attackers claiming a number of high-profile victims, including AMD, Foxconn, and Nvidia. The Department of Justice (DOJ) famously declared 2021 the “worst year” for ransomware attacks, but it appears that title may soon pass to 2022. Founders of early-stage startups will undoubtedly be concerned to see well-known organisations failing to protect themselves from ransomware despite seemingly limitless resources, especially since it’s unclear where these organisations went wrong.

Startups must master cybersecurity fundamentals to better withstand ransomware attacks

“It could be a zero-day or a failure to implement multifactor authentication (MFA) or an MFA bypass,” Brett Callow, threat analyst at Emsisoft, said during a panel discussion on the TechCrunch+ stage at Disrupt 2022. “There is no standard answer, and that is what makes dealing with this problem so difficult.”

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