Ransomware Evolution: Growing Threats and Response Considerations (Part One of Two)

The scope and sophistication of ransomware attacks have grown dramatically in recent years, with attacks on critical infrastructure (e.g., Colonial Pipeline) prompting a strong government response. To assist companies and other entities in navigating these challenging waters, in part one of this two-part series, we distill insights offered by speakers at a Strafford webinar on the evolving ransomware threat landscape (including ransomware as a service, the ransom payment calculus and incident response) and discuss challenges and considerations related to responding to an attack. Part two will cover the government’s efforts at addressing ransomware and other cyber risks, and the role of cyber insurance. The program featured Shardul Desai, partner at Holland & Knight; Rachel V. Rose, principal at Rachel V. Rose – Attorney at Law, PLLC; and Elizabeth (Beth) Burgin Waller, principal at Woods Rogers. See our two-part series: “First Steps Fund Managers Should Take When Responding to a Ransomware Attack” (Mar. 17, 2022); and “Necessary Precautions, Compliance Considerations and Risks to Mitigate From a Ransomware Attack” (Mar. 24, 2022).

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