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MIT-based AI apps startup aims to block supply chain attacks with advanced cybersecurity
Louis Columbus @LouisColumbus
June 15, 2023 10:07 AM
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The digital pandemic of increasing breaches and ransomware attacks is hitting supply chains and the manufacturers who rely on them hard this year. VentureBeat has learned that supply chain-directed ransomware attacks have set records across every manufacturing sector, with medical devices, pharma and plastics taking the most brutal hits. Attackers are demanding ransoms equal to the full amount of cyber-insurance coverage a victim organization has. When senior management refuses, the attackers send them a copy of their insurance policy.
Disrupting supply chains nets larger payouts
Manufacturers hit with supply chain attacks say attackers are asking for anywhere between two and three times the ransomware amounts demanded from other industries. That’s because stopping a production line for just a day can cost millions. Many smaller to mid-tier single-location manufacturers quietly pay the ransom and then scramble to find cybersecurity help to try to prevent another breach. Still, too often, they become victims a second or third time. ... '
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