Ransomware threat on the rise, says Boston Fed IT chief

Ransomware attacks are growing more sophisticated and damaging, the Federal Reserve Bank of Boston’s chief information security officer has warned.

Anjan Bagchee said that as ransomware organisations are able to extract more firm-specific information from their victims, they can demand higher ransoms. Firms with intellectual property could see their competitive advantage stolen, he said.

Ransomware attacks typically falsely advertise themselves as something attractive or innocuous like a