GroupSense CEO Kurtis Minder was featured in the Tuesday, March 14 issue of the Axios Codebook Newsletter. The "1 big thing" section is focused on the increasing threat posed by ransomware gangs and their extreme blackmail tactics. These cyber criminals have been fine-tuning their strategies to maximize their profits and inflict more damage on their victims. Ransomware attacks involve the use of malware that encrypts a victim's files, making them inaccessible until a ransom is paid. The attackers typically demand payment in cryptocurrency, making it difficult to track the money and identify the criminals.
Ransomware gangs have evolved their tactics, not only encrypting victims' files but also stealing sensitive data before locking it down. This technique is called "double extortion," where the criminals threaten to publish or sell the data if the ransom is not paid. The gangs are also targeting larger organizations and demanding higher ransoms, with some demanding payments of up to $50 million.
The section also highlights Kurtis' contributions to the fight against ransomware. He has been a vocal advocate for proactive measures to prevent ransomware attacks, including monitoring networks for signs of an attack and training employees to recognize phishing and social engineering tactics commonly used by ransomware gangs. For many organizations, these measures can prevent cyber attacks and ransomware attacks.
Kurtis' expertise in ransomware has led him to create a "Ransomware Task Force" that includes experts from both the public and private sectors. The task force's goal is to develop a comprehensive strategy to combat ransomware, including prevention, response, and recovery measures. The task force has already published a report with recommendations for improving ransomware defenses, and Kurtis has been actively promoting these recommendations to policymakers and business leaders. Check out the full newsletter here.