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Over 65,000 ransomware attacks expected in 2021: former Cisco CEO
Yahoo - U.S. companies are expected to endure over 65,000 ransomware attacks this year — and that's “a conservative number,” John Chambers, former CEO of Cisco Systems (CSCO) told Yahoo Finance Live.
With McDonald’s (MCD), JBS (JBSAY), and Colonial Pipeline Co. all recently coming under cyberattacks, Chambers does not foresee an end to the onslaught of cybersecurity threats anytime soon. He estimated that the number of ransomware attacks in 2021 could end up being as high as 100,000, with each one costing companies an average of $170,000.
In the case of Colonial, just one password was needed for hackers to compromise the entire company’s IT infrastructure. This led to Colonial and JBS paying a combined $15 million in ransom against FBI advice. (The Justice Department later recovered about $2.3 million of the cryptocurrency, about half of Colonial’s initial ransom.)
“I think [cybersecurity is] one of the top three issues facing corporate boardrooms,” Chambers, currently COE and founder of JC2 Ventures, added. “And being very candid, having been the CEO and a chairman, it's uncomfortable because you get your chief information security officer up in front of the court. They show the data. And your board looks at you, and they say, can you prevent this?”
Though prevention measures are pivotal, when a....READ MORE
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