Ransomware Terrorism: Should We Be Worried?
By Marcus Chung, CEO of BoldCloud
The threat of ransomware being used as a highly effective form of cyber terrorism has been receiving a
lot of media attention lately. The storyline stems from a recent Lloyds of London report which boldly states
a large scale ransomware attack could cost the global economy $193 Billion and impact more than
600,000 businesses worldwide.
The report further speculates that if coordinated and executed properly, a global attack like WannaCry,
could cause even more severe damage and cost companies significantly more when you factor in all the
business disruption and recovery related costs that would follow in the wake of a widescale attack.
With doomsday projections like these, it’s easy for people to become numb to the associated cyber security
risks. Yet security professionals must always remain objective when assessing the scope of a threat versus
the cost of implementing security measures to arrive at a risk-based recommendation.
What is Ransomware Terrorism?
Terrorism is broadly defined as the use or threat of violence that aims to spread fear in a population, and
to advance a political, ideological or religious cause. Ransomware can be used in this context to disrupt
the life of individuals and organizations, which depend on the smooth functioning of information
technology to maintain operations.