26 Nov The Ransomware Economy And How RaaS Groups Operate
This week in cybersecurity from the editors at Cybercrime Magazine
–Sausalito, Calif. – Nov. 26, 2024
In an O’Reilly eBook “Ransomware and Data Extortion“, Halcyon examines the makeup of the ransomware economy, how ransomware-as-a-service (RaaS) groups operate, the advent of specialists like initial access brokers (IABs) and RaaS affiliates, and why ransomware attacks are so successful.
Halcyon’s co-founder and CEO Jon Miller told Bloomberg that ransomware is costing the world as much as tens of billions to hundreds of billions of dollars annually, and Halcyon is the only “anti-ransomware” company. Yesterday Halcyon announced a $100 million Series C funding round on a $1 billion valuation. The round brings the total amount raised by the newly minted unicorn to $190 million.
The eBook points to a prediction by Cybersecurity Ventures that states ransomware will cost victim organizations $265 billion annually by 2031, a notable increase from the $5 billion recorded in 2017.
Combating ransomware is a burgeoning market opportunity and Halcyon is a hot company to watch in this space. They’re also a thought leader and the eBook, compliments of Halcyon, provides insights that any chief information security officer (CISO) will appreciate.
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