While the burgeoning world of Internet of Things (IoT) has transformed the ways in which we live and work, the world of IoT has also caught the attention of cybercriminals. As IoT devices become increasingly more advanced, hackers have simultaneously become more sophisticated in their attacks, often targeting pre-existing security loopholes to gain access to company systems. In recent years, malicious actors have gone from what were once singular hackers to entire organized companies, which some have dubbed “the cyber mafia.” These groups are launched with the sole intent to exploit major enterprises and make lump sums off of their cyber corruption.
Ransomware attacks in particular have become one of the most notorious ways for cybercriminals to extort corporations for millions of dollars. According to a recent report from SonicWall, ransomware attacks increased globally by 20 percent in the first half of 2020. Earlier this year, we saw this play out right before our eyes with the foreign exchange company Travelex, which came under attack by the REvil ransomware that put its website and mobile app offline and left customers without access to their travel money. The company reportedly paid a whopping $2.3 million in Bitcoin to the hackers to bring their systems back online, and it has since filed for bankruptcy in early August.