"Joseph L Popp Jr's 1989 stunt involved sending Trojan-infected discs to researchers, locking their computers until a fee was paid, marking the birth of ransomware."
"Ransomware attacks today not only encrypt data but also involve stealing sensitive information, leading to a double extortion scenario where hackers threaten to auction data."
"According to Anja Shortland, ransomware generates around $1 billion annually for hackers, while victims face estimated costs of $57 billion in 2025."
"The disproportionate consequences of refusing to pay create a collective action problem, incentivizing victims to comply rather than risk greater losses."
In 1989, Joseph L Popp Jr created a Trojan virus disguised as an HIV questionnaire, distributing it on floppy discs to researchers worldwide. The malware locked computers until a fee was paid. Popp was arrested for blackmail, but his actions inadvertently sparked the evolution of ransomware into a global crime. Modern ransomware attacks involve encrypting data and demanding payment, often coupled with data theft. The economic impact of these attacks is significant, costing victims billions while hackers earn comparatively little, creating a dilemma for potential victims.
Read at www.theguardian.com
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