Lucrative Ransomware Operations Increasingly Targeting IoT Ecosystem

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By Michela Menting | 2Q 2021 | IN-6132


Ransomware & IoT on the Rise


Two recent events have accentuated an increasingly worrying gap between organized cybercriminals and the cybersecurity industry as they relate to the Internet of Things (IoT). The first is a recently published report by Analyst1 on an apparent Cartel of various ransomware gangs with coordinated practices, shared infrastructure, as well as “as-a-service” business models, and automated attack capabilities, among other sophisticated and well-developed tactics. This report comes hot on the heels of various others from security vendors analyzing the growth of IoT attacks in the last two years. Both ransomware and IoT attacks are the top two most popular attack trends in recent years. The second event is the recent ransomware attack on IoT vendor Sierra Wireless, which effectively forced them to shut down production of their IoT modules for 9 days. Upon announcement of the attack, Sierra Wireless’ stock price dropped 15%.

A Tenuous but Serious Link


The link between IoT attacks and ransomware is not so obvious at fi…

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