PHOENIX (AZFamily) — Cybercriminals are stealing information and locking down IT systems, demanding a ransom to release it, and Arizona businesses are often hit.
Danny Seiden is the president of the Arizona Chamber of Commerce, so he knows firsthand the threat businesses face when it comes to cyberattacks.
“Cyberattacks in Arizona have been costing hundreds and hundreds of millions of dollars every single year, and a lot of time, you don’t know when the costs will stop,” said Seiden.
Arizona currently ranks eighth in the country in cyberattacks, with school districts, hospitals and local businesses targeted.
One of the biggest challenges companies face right now is from ransomware, which cybercriminals use to gain access to someone’s software and files, making it unusable. Cybercriminals will then try to extort payment from their victims to release the data.
Mark Lance is a ransomware negotiator with Guidepoint Security in Virginia. “They’re holding systems hostage,” said Lance. “They’re holding information hostage.”
Lance said businesses hit with ransomware will hire him to step in and negotiate with the cybercriminals, to work out the payment and terms to set their systems free.
He said most company officials have no idea what to do when they’re attacked. “We’ve worked hundreds of cases on behalf of these victims and what we bring is the ability to set expectations on what’s going to transpire, but also educate them on what is going on situationally,” Lance said.
“They’re trying to create operational disturbances that will prevent you from being able to continue to run as a business where you need to pay them to get access back to these systems,” added Lance.
Most ransomware attacks come from cybercriminals in eastern Europe, with a handful of gangs working from the UK, South America and the U.S., according to the cybersecurity expert.
Ransom demands can range from a few thousand dollars to several million. One cyber criminal asked for $700 million, Lance said.
“These are extremely lucrative operations for them where they are making millions, in some cases, billions on an annual basis,” said Lance.
Lance insists it’s best for companies to bring in an IT expert the moment they detect a ransomware attack. He said it’s also a good idea for businesses to make sure they have a strong security system in place to prevent hackers from getting in.
“We have seen businesses that have had to close their doors or shutter their business because of ransomware,” said Lance.
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