‘Time-Travelling’ Software Could Bankrupt Hackers [Video]

A leading technology company says it has created a cutting-edge data storage system that allows users to “go back in time” and retrieve data held hostage by hackers.

Ionir is a cloud-based data services platform, with offices in New York and Tel Aviv, which provides “the new standard of data services and data management for a hybrid and multi-cloud world.”

In an interview with National Security News, Ionir’s Chief Executive Officer Jacob Cherian spoke about the company’s unique way of thwarting “ransomware” attacks, the employment of malware of malicious software by cybercriminals to restrict users’ access to their data unless the attackers’ demands are met.

These types of attacks will cost victims an estimated $265 billion annually by 2031, according to cybercrime research organization Cybersecurity Ventures, with attacks on individuals or organizations occurring every two seconds on average.