Ransomware is one of the most lucrative revenue channels for cybercriminals, so malware authors continually improve their malware code to better target enterprise environments. Ransomware-as-a-service is a cybercriminal business model in which malware creators sell their ransomware and other services to cybercriminals, who then operate the ransomware attacks. The business model also defines profit sharing between the malware creators, ransomware operators, and other parties that may be involved. For cybercriminals, ransomware is a big business, at the expense of many industry verticals.
Ransomware is the number one Information Technology threat to the global community. More than 4,000 ransomware attacks occur daily and Healthcare is the largest target. In January 2018 Electronic Medical Records vendor Allscripts is hacked with Ransomware in one of the most widely publicized hacks of 2018.
The global costs associated with cyber-crime have grown in recent years, according to a report released Feb. 21 by McAfee and the Center for Strategic and International Studies. The 28-page report, titled “Economic Impact of Cybercrime – No Slowing Down” estimates the total cost of cyber-crime to the global community in 2017 at between $445 billion and $600 billion. That’s up from a range of $345 billion to $445 billion that CSIS estimated the last time it released a report on cyber-crime costs back in 2014.
First Genesis designed an innovative hybrid solution that maintains a blockchain crypto – secure, up-to-date backup of all essential data that eliminates a Ransomware attack with its patent pending Blockchain Platform as a Service (BPaaS™). First Genesis currently offers a BPaaS™ that outperforms any existing blockchain by more than 150%. Whereas existing blockchains takes minutes to process a request, the First Genesis BPaaS™ has been validated through third party standard benchmark testing to process requests at less than a millisecond. This speed enables our BPaaS™ to deliver interoperability in a crypto-secure blockchain environment.
The First Genesis BPaaS™ architecture is capable of producing more than:
60,000 proofs per minute 3,600,000 proofs per hour / 86,400,000 proofs per day
Without requiring the use of GPU farms or large clusters of Virtual Machines
or third-party proofing services!