Data is a company’s most valuable asset. So, doing everything in your power to protect that asset is a given. But what if the threat you’re guarding your data against is known to cripple operations, tarnish reputations, and drain finances? And even worse, what if that threat is only getting more dangerous, thanks to a little thing called artificial intelligence (AI)?
Unfortunately, for many businesses, there’s nothing “what if” about this scenario. As many as 72% of businesses worldwide have experienced a ransomware attack at some point and know just how devastating the aftermath can be.
That’s why we tapped two cybersecurity experts to share their insights on ransomware, its evolution, and how businesses can protect themselves. Read on to hear what Tom Vazdar, the chair of the Enterprise Cybersecurity Master’s program at the Open Institute of Technology (OPIT), and Venicia Solomons, a seasoned cybersecurity architect, have to say on this topic in their “Cyber Threat Landscape 2024: Navigating New Risks” master class.
Ransomware: The Basics
Ransomware is nothing new. However, there are always new business owners who (luckily) haven’t encountered it yet. So, let’s cover the basics first.
Ransomware is a natural product of phishing, a human-centric cyber threat that relies on social engineering to deceive individuals into providing sensitive information or downloading malicious attachments. The latter is what ultimately triggers a ransomware infection. Tom describes the process like this:
You click on a malicious link.
Your device downloads the malware.
Your system is now infected, and somebody else is essentially in charge.
They encrypt your data and demand you pay ransom for the encryption key to get it back.
As mentioned, dealing with ransomware attacks and cyber criminals has become a daily reality for companies worldwide. What certainly doesn’t help companies is the fact that ransomware is now also offered as a service.
Ransomware as a Service
Just a few short years ago, cybercriminals needed sophisticated technical skills and tools to develop and deploy ransomware. Now, all they need is access to the dark web.
As Tom explains it, numerous cyber criminals on the dark web offer ransomware as a service, a malicious adaptation of the software as a service (SaaS) business model. So, you essentially pay them to deploy their ransomware on your behalf.
The most famous, or should we say infamous, among these threats is the LockBit model, which has wreaked havoc on thousands of companies worldwide. The issue is that LockBit ransomware attacks vary in tactics, techniques, and procedures. In other words, an organization must be prepared for virtually anything.
How Has AI Affected Ransomware?
Ransomware is dangerous on its own. But throw artificial intelligence into the mix, and you’ve got a massive threat on your hands.
AI has undoubtedly revolutionized the cybersecurity industry, for better or for worse. The “worse” part is that AI is making cyber threats smarter. Unfortunately, for organizations, this particularly applies to ransomware. According to a 2024 report by the U.K.’s top intelligence agency, ransomware stands to gain the most from AI.
How so?
Well, AI has the potential to create malware that circumvents current cybersecurity detection measures. After all, AI is trained using data. Give it malware data to analyze, and it will learn how to evade detection by traditional cybersecurity tools.
AI will also likely generate a surge of new cybercriminals as the barrier to entering into cybercrime decreases with AI-powered tools.
Of course, the more capable and experienced attackers will also benefit from AI. They will use it to identify system vulnerabilities, bypass security defenses, and craft more precise social engineering attacks.
How to Prevent Ransomware Attacks
Given how quickly ransomware is evolving, preventing attacks requires a multi-faceted approach that combines technology, education, and proactive measures. Tom and Venicia break down this approach.
1. Keep Your Systems Updated
When it comes to anything cybersecurity-related, this is the first crucial step. Keep all your systems and programs updated and patched if you want to stand any chance of protecting against known vulnerabilities.
Tom says that there’s a new vulnerability “basically each week,” so having a process in place to update regularly and patch systems is essential.
Venicia adds that something as simple as a basic software update can go a long way toward protecting your data from ransomware. This update will limit its ability to spread through your network, thus reducing the impact of the attack.
2. Invest in Quality Training
Having the most advanced protection systems in place will do you no good if you don’t have well-trained employees.
These employees must learn to recognize potential cyberattacks that could introduce malware into your organization’s system (e.g., phishing emails). Of course, the next step is to respond effectively to the attack. Though each organization has its own set of rules in place, the proper response typically involves disconnecting from the network and contacting IT support.
3. Implement Defensive Systems
Humans are undoubtedly the first line of defense against cyber threats. However, they can’t do it alone. That’s why implementing advanced Endpoint Detection and Response (EDR) solutions is crucial. Tom explains that these systems will help you identify and, more importantly, mitigate a threat on time.
However, he also adds that you must restrict user permissions within the system. This way, even if a single component is compromised, the ransomware won’t take down the entire network.
4. Implement Network Segmentation
As you can see, a huge part of mitigating ransomware attacks is ensuring they don’t affect the entire network. That’s where network segmentation can also help.
As Tom explains, with network segmentation, the malicious actor in control of your network won’t be able to do “lateral movements.” In other words, even if they do manage to penetrate your network, they won’t be able to spread within it.
So, network segmentation is a critical part of the multi-layer approach every organization should adopt when it comes to cybersecurity.
5. Collaborate With Others
Remember – you aren’t the only one experiencing cyberattacks. In Venicia’s words, “ransomware has a global impact.”
That’s why organizations in the private sector are constantly encouraged to “talk to each other,” as Tom puts it. Of course, there’s always the issue of confidentiality, but Tom explains that this, too, can be resolved with a “closed circle of trust.”
Also, organizations in the private and public sectors are encouraged to share relevant information with institutions such as the Financial Services Information Sharing and Analysis Center (FS-ISAC).
In Europe, there’s also something called The No More Ransom Project. This Europol initiative has existed for years, hosting decryption keys for different types of ransomware. It has helped numerous individuals and organizations decrypt their systems and avoid paying the ransom.
Of course, this won’t always be possible, as the attackers typically keep changing the encryption keys. However, anything that helps organizations avoid paying the ransom is worth trying.
Why?
Because paying the ransom often won’t solve any problems.
As Tom explains it, you’re dealing with criminals, after all. So, they will often double the ransom after you pay the initial amount, having realized that you have the money. Or, they’ll simply take the money and run without giving you the decryption keys.
So, ongoing threat intelligence sharing should be among the top priorities for an organization, as it allows them to evade the last-resort scenario of paying the ransom.
6. Invest in Backups and Disaster Recovery
According to Venicia, backups and disaster recovery have a massive role to play in combating ransomware. She says that the primary reason organizations choose to pay the ransom is because they don’t have any backups in place. In other words, they don’t have an alternative way to get their data back.
That’s precisely what Tom has experienced working with many small and medium-sized businesses.
He says that these businesses usually don’t have disaster recovery procedures and data backups because they find them to be too expensive. Other times, they’ll say they didn’t have the time to deal with these measures. But whatever the excuse may be, one thing’s for sure – having no backups leaves you vulnerable to losing your data permanently in a ransomware attack.
According to Tom and Venicia, here’s what an ideal proactive approach to cybersecurity would look like.
Step No. 1 – Have regularly scheduled backups and ensure they’re stored in different environments, including offline ones. Tom suggests the 3-2-1 data backup strategy – have three copies of your data on two different mediums (e.g., hard drives and DVDs) with one copy off-site (a different physical location).
Step No. 2 – Regularly test your backups to see whether they’re able to handle different scenarios.
Step No. 3 – Implement a disaster recovery plan that outlines the steps for different types of incidents. Of course, these incidents shouldn’t only cover ransomware. Earthquakes, floods, and even meteor strikes should be considered in your plan. The last part might seem silly to you. In fact, it also sounded silly to Tom and his colleagues. That is, at least, until a meteor struck Russia in 2013. So, you never know!
The Importance of Cybersecurity Specialists
Most of the strategies for combating ransomware require one thing – a skilled cybersecurity specialist to execute them. This is also what most companies lack, which is why they easily fall victim to cyberattacks.
That’s why programs like the Enterprise Cybersecurity Master’s program at OPIT are essential for the future of cybersecurity. This program helps train the next generation of cybersecurity professionals to defend organizations against the so-called “Ransomware Armageddon” and any other cyber threat that might emerge.
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Bring talented tech experts together, set them a challenge, and give them a deadline. Then, let them loose and watch the magic happen. That, in a nutshell, is what hackathons are all about. They’re proven to be among the most productive tech events when it comes to solving problems and accelerating innovation.
What Is a Hackathon?
Put simply, a hackathon is a short-term event – often lasting just a couple of days, or sometimes even only a matter of hours – where tech experts come together to solve a specific problem or come up with ideas based on a central theme or topic. As an example, teams might be tasked with discovering a new way to use AI in marketing or to create an app aimed at improving student life.
The term combines the words “hack” and “marathon,” due to how participants (hackers or programmers) are encouraged to work around-the-clock to create a prototype, proof-of-concept, or new solution. It’s similar to how marathon runners are encouraged to keep running, putting their skills and endurance to the test in a race to the finish line.
The Benefits of Hackathons
Hackathons provide value both for the companies that organize them and the people who take part. Companies can use them to quickly discover new ideas or overcome challenges, for example, while participants can enjoy testing their skills, innovating, networking, and working either alone or as part of a larger team.
Benefits for Companies and Sponsors
Many of the world’s biggest brands have come to rely on hackathons as ways to drive innovation and uncover new products, services, and opportunities. Meta, for example, the brand behind Facebook, has organized dozens of hackathons, some of which have led to the development of well-known Facebook features, like the “Like” button. Here’s how hackathons help companies:
- Accelerate Innovation: In fast-moving fields like technology, companies can’t always afford to spend months or years working on new products or features. They need to be able to solve problems quickly, and hackathons create the necessary conditions to deliver rapid success.
- Employee Development: Leading companies like Meta have started to use annual hackathons as a way to not only test their workforce’s skills but to give employees opportunities to push themselves and broaden their skill sets.
- Internal Networking: Hackathons also double up as networking events. They give employees from different teams, departments, or branches the chance to work with and learn from one another. This, in turn, can promote or reinforce team-oriented work cultures.
- Talent Spotting: Talents sometimes go unnoticed, but hackathons give your workforce’s hidden gems a chance to shine. They’re terrific opportunities to see who your best problem solvers and most creative thinkers at.
- Improving Reputation: Organizing regular hackathons helps set companies apart from their competitors, demonstrating their commitment to innovation and their willingness to embrace new ideas. If you want your brand to seem more forward-thinking and innovative, embracing hackathons is a great way to go about it.
Benefits for Participants
The hackers, developers, students, engineers, and other people who take part in hackathons arguably enjoy even bigger and better benefits than the businesses behind them. These events are often invaluable when it comes to upskilling, networking, and growing, both personally and professionally. Here are some of the main benefits for participants, explained:
- Learning and Improvement: Hackathons are golden opportunities for participants to gain knowledge and skills. They essentially force people to work together, sharing ideas, contributing to the collective, and pushing their own boundaries in pursuit of a common goal.
- Networking: While some hackathons are purely internal, others bring together different teams or groups of people from different schools, businesses, and places around the world. This can be wonderful for forming connections with like-minded individuals.
- Sense of Pride: Everyone feels a sense of pride after accomplishing a project or achieving a goal, but this often comes at the end of weeks or months of effort. With hackathons, participants can enjoy that same satisfying feeling after just a few hours or a couple of days of hard work.
- Testing Oneself: A hackathon is an amazing chance to put one’s skills to the test and see what one is truly capable of when given a set goal to aim for and a deadline to meet. Many participants are surprised to see how well they respond to these conditions.
- Boosting Skills: Hackathons provide the necessary conditions to hone and improve a range of core soft skills, such as teamwork, communication, problem-solving, organization, and punctuality. By the end, participants often emerge with more confidence in their abilities.
Hackathons at OPIT
The Open Institute of Technology (OPIT) understands the unique value of hackathons and has played its part in sponsoring these kinds of events in the past. OPIT was one of the sponsors behind ESCPHackathon 6, for example, which involved 120 students given AI-related tasks, with mentorship and guidance from senior professionals and developers from established brands along the way.
Marco Fediuc, one of the participants, summed up the mood in his comments:
“The hackathon was a truly rewarding experience. I had the pleasure of meeting OPIT classmates and staff and getting to know them better, the chance to collaborate with brilliant minds, and the opportunity to take part in an exciting and fun event.
“Participating turned out to be very useful because I had the chance to work in a fast-paced, competitive environment, and it taught me what it means to stay calm and perform under pressure… To prospective Computer Science students, should a similar opportunity arise, I can clearly say: Don’t underestimate yourselves!”
The new year will also see the arrival of OPIT Hackathon 2026, giving more students the chance to test their skills, broaden their networks, and enjoy the one-of-a-kind experiences that these events never fail to deliver. This event is scheduled to be held February 13-15, 2026, and is open to all OPIT Bachelor’s and Master’s students, along with recent graduates. Interested parties have until February 1 to register.
The Open Institute of Technology (OPIT) recently held its first-ever career fair to showcase its wide array of career education options and services. Representatives from numerous high-profile international companies were in attendance, and students enjoyed unprecedented opportunities to connect with business leaders, expand their professional networks, and pave the way for success in their future careers.
Here’s a look back at the event and how it ties into OPIT’s diverse scope of career services.
Introducing OPIT
For those who aren’t yet familiar, OPIT is an EU-accredited Higher Education Institution, offering online degrees in technological fields such as computer science, data science, artificial intelligence, cybersecurity, and digital business. Aimed at making high-level tech education accessible to all, OPIT has assembled a stellar team of tutors and experts to train the tech leaders of tomorrow.
The First OPIT Career Fair
OPIT’s first career fair was held on November 19 and 20. And as with OPIT’s lectures, it was an exclusively online event, which ensured that every attendee had equal access to key lectures and information. Interested potential students from all over the world were able to enjoy the same great experience, demonstrating a core principle that OPIT has championed from the very start – the principles of accessibility and the power of virtual learning.
More than a dozen leading international companies took part in the event, with the full guest list including representatives from:
- Deloitte
- Dylog Hitech
- EDIST Engineering Srl
- Tinexta Cyber
- Datapizza
- RWS Group
- WE GRELE FRANCE
- Avatar Investments
- Planet Farms
- Coolshop
- Hoist Finance Italia
- Gruppo Buffetti S.p.A
- Nesperia Group
- Fusion AI Labs
- Intesi Group
- Reply
- Mindsight Ventures
This was a fascinating mix of established enterprises and emerging players. Deloitte, for example, is one of the largest professional services networks in the world in terms of both revenue and number of employees. Mindsight Ventures, meanwhile, is a newer but rapidly emerging name in the fields of AI and business intelligence.
The Response
The first OPIT career fair was a success, with many students in attendance expressing their joy at being able to connect with such a strong lineup of prospective employers.
OPIT Founder and Director Riccardo Ocleppo had this to say:
“I often say internally that our connection with companies – through masterclasses, thesis and capstone projects, and career opportunities – is the ‘cherry on the cake’ of the OPIT experience!
“It’s also a core part of our mission: making higher education more practical, more connected, and more aligned with what happens in the real world.
“Our first Career Fair says a lot about our commitment to building an end-to-end learning and professional growth experience for our community of students.
“Thank you to the Student and Career Services team, and to Stefania Tabi for making this possible.”
Representatives from some of the companies that attended also shared positive impressions of the event. A representative from Nesperia Group, for example, said:
“Nesperia Group would like to thank OPIT for the warm welcome we received during the OPIT Career Day. We were pleased to be part of the event because we met many talented young professionals. Their curiosity and their professional attitude really impressed us, and it’s clear that OPIT is doing an excellent job supporting their growth. We really believe that events like these are important because they can create a strong connection between companies and future professionals.”
The Future
Given the enormous success of the first OPIT career fair, it’s highly likely that students will be able to enjoy more events like this in the years to come. OPIT is clearly committed to making the most of its strong business connections and remarkable network to provide opportunities for growth, development, and employment, bringing students and businesses together.
Future events will continue to allow students to connect with some of the biggest businesses in the world, along with emerging names in the most exciting and innovative tech fields. This should allow OPIT graduates to enter the working world with strong networks and firm connections already established. That, in turn, should make it easier for them to access and enjoy a wealth of beneficial professional opportunities.
Given that OPIT also has partnerships in place with numerous other leading organizations, like Hype, AWS, and Accenture, the number and variety of the companies potentially making appearances at career fairs in the future should no doubt increase dramatically.
Other Career Services at OPIT
The career fair is just one of many ways in which OPIT leverages its company connections and offers professional opportunities and career support to its students. Other key career services include:
- Career Coaching: Students are able to schedule one-on-one sessions with their own mentors and career advisors. They can receive feedback on their resumes, practice and improve their interview skills, or work on clear action plans that align with their exact professional goals.
- Resource Hub: The OPIT Resource Hub is jam-packed with helpful guides and other resources to help students plan out and take smart steps in their professional endeavors. With detailed insights and practical tips, it can help tech graduates get off to the best possible start.
- Career Events: The career fair is only one of several planned career-related events organized by OPIT. Other events are planned to give students the chance to learn from and engage with industry experts and leading tech firms, with workshops, career skills days, and more.
- Internships: OPIT continues to support students after graduation, offering internship opportunities with leading tech firms around the world. These internships are invaluable for gaining experience and forging connections, setting graduates up for future success.
- Peer Mentoring: OPIT also offers a peer mentoring program in which existing students can team up with OPIT alumni to enjoy the benefits of their experience and unique insights.
These services – combined with the recent career day – clearly demonstrate OPIT’s commitment to not merely educating the tech leaders of the future, but also to supporting their personal and professional development beyond the field of education, making it easier for them to enter the working world with strong connections and unrivaled opportunities.
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