The Evolution of Ransomware: From Gentlemanly Crime to Cyber Wild West

The Good Old Days of Gentlemanly Ransomware.

Armand here, RPost’s armadillo product evangelist. One take away from the Gartner CIO Leadership forum where I spent the last few days was the transition of the cybercrime category of ransomware from a gentlemanly sport-crime to today where it is more akin to the wild west of cybercrime.

Ransomware in brief is where cybercriminals breach a company application and are able to encrypt data or other critical files to the application operation, bringing the business that relies on that application to a halt. You’ve certainly read about the higher-profile encounters.

Our analysis based on public data sources indicates that in 2025, global ransomware damage costs will exceed $100 billion, with a ransomware attack likely to occur every 7 seconds. By 2031 it’s projected to reach over $265 billion, with an attack every 2 seconds.

In the past, one would hire security consultants that had a business-like arrangement with the cybercriminal gang and there was an understanding, a level of gentlemanly trust where the victim would negotiate the ransom payment plus a cooling period where after payment, the cybercriminals would deploy keys to decrypt and confirm that they would not re-attack for a fixed period of days or months.

The concern was always, what if the cybercriminals don’t deploy the antidote decryption keys after receipt of ransom payment? The theory was, trust them. If their reputation was not to decrypt upon receipt of payment, it would hurt their “business” since the next victim would hesitate paying up.

According to Gartner cybersecurity specialist through conversation at the CIO conference, there has been a vast influx of ransomware criminals of lesser caliber technically and ethically (if you can say that). This new generation is hurting the pros (the gentlemanly criminals) since the influx includes cybercriminals that often deploy the encryption injection and when paid, just disappear without decrypting the files, or cause more damage attempting to decrypt the files after ransom is paid.

What this means to companies large and small is that they have greater risk of not only financial loss due to ransomware payments, but also maximum and perhaps uncurable business disruption from poorly deployed or unethical ransomware cybercriminals. 

It is even more important to be able to see these cybercriminals when they are doing there reconnaissance before they attack, so you can pre-empt the crime.

Join our webinar discussing how to counter insider threats, leaks, and third party risk with AI agents, to learn how to stay ahead of these risks. Our RPost CEO presented on this topic at the Gartner CIO Leadership forum this week.

Register Here: Friday 11am PT / 2pm ET

Organizations are surely spending on IT security in the right places. But, it is NOT spending in ALL of the right places. What I mean by this is they are missing being able to SEE THE UNSEEN – see where the cybercriminals first compromise often smaller less security-sophisticated supplier email accounts to then gather intel to formulate their successful attack.

What you need is tech that empowers you to see this crime building outside of your networks --- BEFORE the tricky lures are deployed on staff.

Large or small businesses, regardless of industry sector, and government, hear this: RPost has UNIQUE tech to counter today’s most sophisticated insider threats, leaks, & cybercriminal eavesdropping tactics.

If you cannot make the time and would like to see the recording, register and we will send the recording afterwards.

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