In just the last couple years, ransomware has grown into a multibillion dollar industry. It has evolved from taking systems and servers hostage to stealing data, and it has proven capable of shutting down global organizations. In recent months, ransomware groups directly shut down Kia Motors North American IT systems; indirectly may have contributed to the death of a patient due to hospital ransomware; and allegedly stole sensitive files from a law firm whose clients include former President Trump.

In this explainer episode, Tom Hofmann, the SVP of Intelligence at Flashpoint Intel (which monitors ransomware criminal syndicates and assists organizations with prevention and response) and a16z security operating partner cover: how ransomware works, from the anatomy of a hack to how the groups operate; the role of nation-states, insurers, and regulators; and what to do if your stuff is taken hostage.

For more on cybersecurity, check out our coverage of organized cybercrime and hacks and our 16 step guide to protecting your data.

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Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures.

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