Ep. 25 — A disturbing new report on the explosive growth of ransomware attacks and proliferation of Russian ransomware groups / Max Galka, CEO and Founder, Elementus.
It’s no secret that Russia has become the world’s playground for ransomware groups —- and that America is target #1.
The threat of ransomware attacks on U.S. businesses and critical infrastructure recently took an ominous turn when a prominent Russian ransomware group named Conti — threatened to attack any nation or organization retaliating against Moscow for its unprovoked invasion of Ukraine.
Now, a groundbreaking new report titled Ransomware: A Technology Pandemic on the Brink, from New York-based crypto forensics and analytics firm Elementus (where I serve as Chief Strategy Officer), documents the full extent of the threat of Russian ransomware attacks.
That’s the topic of my conversation with Max Galka, CEO and founder of Elementus.
Join Max and me on this journey into the dark world of ransomware attacks as we explore the extraordinary sums of money that have changed hands with ransomware groups — more than a billion dollars just in 2021 alone — and discuss the evolution in modus operandi and business models of ransomware-as-a-service franchises.
We also talk about the rise in double jeopardy attacks — where paying vast sums in ransomware does not prevent the attackers from leaking your breached data. And given that these ransomware groups are predominantly Russian, we consider the national critical infrastructure implications in light of the U.S. and allied push-back against Russian President Vladimir Putin for his brutal and unremitting attack on Ukraine.
A data scientist by training and passion, and a former derivatives trader at Deutsche Bank and Credit Suisse, Galka is a noted authority on ransomware attacks and has been widely cited in major news outlets including Security Boulevard, Politico, Wall Street Journal, Forbes, NBC News, and NYSE Floor Talk.
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If you enjoyed this episode, do check out these other episodes:
Techtopia, Ep. 22 — The Role of Technology in Human Trafficking / Anjana Rajan, Chief Technology Officer, Polaris.
Techtopia, Ep. 17 — The Global Race to Secure 5G Networks Against Cyber Threats from China and other Geopolitical Adversaries / Rob Strayer, EVP, Information Technology Industry Council & Former Ambassador for Cyber Policy at U.S. State Department.
Techtopia, Ep. 3 — Bitcoin and the boom in cryptocurrency investing / Perianne Boring, Founder and President, Chamber of Digital Commerce.
Ep. 25 — A disturbing new report on the explosive growth of ransomware attacks and proliferation of Russian ransomware groups / Max Galka, CEO and Founder, Elementus. | Techtopia with Chitra Ragavan podcast - Listen or read transcript on Metacast
