Inside the Ransomware Ecosystem

Max Smeets, Co-Director of Virtual Routes and Senior Researcher at ETH Zurich, joins Lawfare’s Jonathan Cedarbaum and Justin Sherman to discuss his recently released book “Ransom War: How Cybercrime Became a Threat to National Security.” They discuss the history of ransomware (including the term itself), how the threats have evolved over the years, and some of the major drivers of innovation and entrepreneurialism within the ransomware ecosystem. They discuss Max’s findings on the “trust paradox” facing ransomware groups, the internal business dynamics of ransomware gangs, how governments leverage ransomware operators to their own ends, and how the United States and Europe can respond to future threats.

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