Is this the Internet’s next biggest threat?
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Computer viruses have been around since the dawn of the Internet but the stakes feel higher now, especially with Honda being forced offline by hackers this week.
The attack is thought to be the result of “Snake ransomware”, which encrypts files and sensitive data and keeps them encrypted until a ransom is paid.
It isn’t the first high-profile incident this year – Lady Gaga’s law firm was subject to a $42 million ransom in May – but it doesn’t bode well for the corporate world when a company of Honda’s stature is hit hard.
According to the specialist insurer Beazley, ransomware attacks rose 25% in Q1, with the manufacturing industry experiencing a 156% quarterly rise in incidents. It all plays into a wider narrative around ransomware that feels more like a Narcos-Black Mirror crossover.
Reports state part of the reason for the increase is that ransomware gangs are now working together to form digital cartels. COVID-19 hasn’t helped matters either, with home working and the increase in time spent on digital making users more susceptible to attacks.