If you ask the Washington-based Institute for Critical Infrastructure Technology, this is the year when ransomware will wreak havoc on America's critical infrastructure community, including financial services.
Ransomware basically locks the data on a computer — or the computer itself, or even an entire system or network — so that users cannot gain access to data or processes; it then holds the system and its data hostage, or even threatens destruction of the data, until the system's owner pays a ransom for its release.
In the ICIT Ransomware Report titled “2016 Will Be the Year Ransomware Holds America Hostage,” the authors laid out the threat posed by this rising form of hacking, which is less about technological sophistication and more about exploitation of the human element.
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Marlene Satter
Marlene Y. Satter has worked in and written about the financial industry for decades.
