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10 Top Cybersecurity News Stories Of 2020

The cybersecurity industry in 2020 saw lots of outside money to address challenges around securing a remote workforce, with vendors tapping into the deep pockets of public investors and private equity, while solution provider giants found themselves being targeted with ransomware.

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2. Four Solution Provider Behemoths Ransomed

The profile of the ransomware victim has moved upmarket in 2020. The victims are no longer the small MSP who runs IT for dentists and local law firms, but the well-monied technology firms that manage the data and web traffic for the top of the Fortune 500. Despite having the resources to hire the best IT professionals and install top-notch security, these channel giants have also been rattled by ransomware.

Vicious ransomware infections hobbled four of the world’s 50 largest solution providers in 2020—Cognizant, Conduent, DXC Technology and Tyler Technologies. The four channel behemoths that succumbed to ransomware in 2020 have combined revenue of $41.93 billion and a joint market cap of $54.36 billion.

The emergence of publicity-hungry, extortion-seeking ransomware operators, such as the group behind Maze, unleashed an entirely different animal on the IT services industry in 2020. Ransomware groups have embraced a new approach that puts the threat of public dissemination of private company data—rather than merely encrypting stolen files—at the center of everything they do.

 
 
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