Ransomware Attacks on the Rise; Hackers Target IoT

Welcome to 16 Minutes, the a16z show where we talk about tech trends in the news, what’s hype and what’s real, and the long arc of innovation. In today's episode we’re talking about the latest developments and trends in cybercrime – including the trends of ransomware, and, attacks on physical infrastructure. First (0:00 - 6:07), we have the recent attack on the meat processing plant JBS, the largest meat processor in the world; just last week it had to temporarily shut down some operations in the U.S., Canada, and Australia due to an attack on its servers, with the hackers demanding payment from the company.  These types of “ransomware" attacks are increasing – recently hackers hit the Colonial Pipeline, the largest refined oil pipeline in the U.S., and disrupted fuel distribution on the East Coast. In that attack, hackers demanded and received millions in ransom, though the Justice Department announced on Monday it had recovered much of that ransom, paid in bitcoin. Hackers have also recently hit health care organizations, school systems, and even ferry services. In the second segment (6:08 - 12:13), we’ll briefly talk about the breach of home and enterprise wireless network management technology provider Ubiquiti. Security researcher Brian Krebs reported allegations from a whistleblower, and more recently, lawsuits have been filed. Here we’ll focus on the questions it raises for security.   Both segments feature a16z operating partner for security (and former Box CSO) Joel de la Garza. Martin Casado, a16z general partner and co-founder of networking company Nicira, joins us for the second segment. ### The views expressed here are those of the individual AH Capital Management, L.L.C. (“a16z”) personnel quoted and are not the views of a16z or its affiliates. Certain information contained in here has been obtained from third-party sources, including from portfolio companies of funds managed by a16z. While taken from sources believed to be reliable, a16z has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation. In addition, this content may include third-party advertisements; a16z has not reviewed such advertisements and does not endorse any advertising content contained therein. This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. Furthermore, this content is not directed at nor intended for use by any investors or prospective investors, and may not under any circumstances be relied upon when making a decision to invest in any fund managed by a16z. (An offering to invest in an a16z fund will be made only by the private placement memorandum, subscription agreement, and other relevant documentation of any such fund and should be read in their entirety.) Any investments or portfolio companies mentioned, referred to, or described are not representative of all investments in vehicles managed by a16z, and there can be no assurance that the investments will be profitable or that other investments made in the future will have similar characteristics or results. A list of investments made by funds managed by Andreessen Horowitz (excluding investments for which the issuer has not provided permission for a16z to disclose publicly as well as unannounced investments in publicly traded digital assets) is available at https://a16z.com/investments/. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see https://a16z.com/disclosures for additional important information.