May 2, 2024

Why we invested in Mimic

Proactively fighting back against ransomware

By Ted Schlein, Co-founder and General Partner

Ransomware attacks over the past five years have cost global enterprises countless dollars – estimates suggest over $20 billion in 2020 alone. These attacks also increased in frequency over 70% from 2022 to 2023. The attacks on critical infrastructure have caused huge disruptions in our supply chains. The attacks on hospital systems have degraded our ability to deliver medical care as well as caused a loss of human life. The insidiousness of ransomware attacks and their targets have made this type a threat not just a crime but a national security issue.

What has most of our response been so far?

Make sure your backup systems are up to date. Stay vigilant. Pay the ransom. Don’t pay the ransom. These attacks continue unabated despite our increase in awareness. I’m not saying that great backups are not necessary. And there is nothing wrong with being vigilant…

But we need to start winning.

The measurement of winning means making ransomware attacks so costly to the adversary that they pursue another line of business. That’s why today we are excited to announce our investment in Mimic.

Mimic provides the most comprehensive system to detect and deflect ransomware attacks. The company is founded by some of the greatest cybersecurity practitioners in the industry with proven track records of delivering complex solutions to sophisticated problems. Mimic has created a unique way to do early discovery of a ransomware attack – while it’s in the process of performing its encryption. Mimic not only prevents an attacker’s attempts, but it can either deflect the attack or allow the enterprise to watch and learn – without compromising their systems.

No more paying. No more extortion. We need ransomware to be costly to try and fruitless to complete. It’s time to finally proactively fight back. That’s why Ballistic has partnered with Mimic. Let’s make ransomware yesterday’s problem.