Ransomware isn't a lone hacker in a hoodie. It's an entire criminal industry complete with developers, brokers, and money launderers working together like a dark tech startup. And while these groups constantly evolve, so do the tools and partnerships aimed at stopping them before they strike.
My guest today is Cynthia Kaiser, former Deputy Assistant Director of the FBI's Cyber Division and now the Head of the Ransomware Research Center at Halcyon. After two decades investigating global cyber threats and briefing top government leaders, she's now focused on prevention and building collaborations across government and industry to disrupt ransomware actors at their source.
We talk about how ransomware groups operate, why paying a ransom rarely solves the problem, and what layered defense really means for organizations and individuals. Cynthia also shares how AI is reshaping both sides of the cyber arms race and why she believes hope, not fear, is the most powerful tool for defenders.
Show Notes:
- [01:04] Cynthia Kaiser had a 20-year FBI career and has now transitioned from investigation to prevention at Halcyon.
- [03:58] The true scale of cyber threats is far larger than most people realize, even within the government.
- [04:19] Nation-state and criminal activity now overlap, making attribution increasingly difficult.
- [06:45] Cynthia outlines how ransomware spreads through phishing, credential theft, and unpatched systems.
- [08:08] Ransomware is an ecosystem of specialists including developers, access brokers, money launderers, and infrastructure providers.
- [09:55] Discussion of how many ransomware groups exist and the estimated cost of attacks worldwide.
- [11:37] Ransom payments dropped in 2023, but total business recovery costs remain enormous.
- [12:24] Paying a ransom can mark a company as an easy target and doesn't guarantee full decryption.
- [13:11] Example of a decryptor that failed completely and how Halcyon helped a victim recover.
- [14:35] The so-called "criminal code of ethics" among ransomware gangs has largely disappeared.
- [16:48] Hospitals continue to be targeted despite claims of moral restraint among attackers.
- [18:44] Prevention basics still matter including strong passwords, multi-factor authentication, and timely patching.
- [19:18] Cynthia explains the value of layered defense and incident-response practice drills.
- [21:22] Even individuals need cyber hygiene like unique passwords, MFA, and updated antivirus protection.
- [23:32] Deepfakes are becoming a major threat vector, blurring trust in voice and video communications.
- [25:17] Always verify using a separate communication channel when asked to send money or change payment info.
- [27:40] Real-world example: credential-stuffing attack against MLB highlights the need for two-factor authentication.
- [29:55] What to do once ransomware hits includes containment, external counsel, and calling trusted law-enforcement contacts.
- [32:44] Cynthia recounts being impersonated online and how she responded to protect others from fraud.
- [34:28] Many victims feel ashamed to report cybercrime, especially among older adults.
- [36:45] Scams often succeed because they align with real-life timing or emotional triggers.
- [38:32] Children and everyday users are also at risk from deceptive links and push-fatigue attacks.
- [39:26] Overview of Halcyon's Ransomware Research Center and its educational, collaborative goals.
- [42:15] The importance of public-private partnerships in defending hospitals and critical infrastructure.
- [43:38] How AI-driven behavioral detection gives defenders a new advantage.
- [44:48] Cynthia shares optimism that technology can reduce ransomware's impact.
- [45:43] Closing advice includes practicing backups, building layered defenses, and staying hopeful.
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