This episode hosts Professor Anja Shortland, returning to the podcast following her previous appearance in 2021, to examine how ransomware has evolved into a sophisticated and highly organised form of cybercrime, operating as a global market shaped by incentives, reputation, and weak governance. The conversation explores the scale of the threat, with billions in annual losses, and how attacks extend far beyond encryption to include data theft, business disruption, and systemic risk across both public and private sectors. We discuss how ransomware groups operate in practice, from initial access and reconnaissance to pricing ransoms based on a victim’s ability to pay, as well as the rise of “double extortion” tactics that increase pressure even when organisations have strong backups.

The episode also considers the broader ecosystem that sustains ransomware, including the blurred lines between criminal and state-linked actors, and the expanding role of insurers, negotiators, and cybersecurity specialists in managing incidents. A central theme is the tension between individual and collective responses: while paying ransoms may minimise immediate damage for victims, it reinforces the long-term viability of the model.

Professor Anja Shortland is Professor of Political Economy at King’s College London. Her research focuses on how criminal markets function in environments where formal governance is weak or absent, including piracy, kidnapping, art theft, and ransomware. She is the author of We Know You Can Pay a Million: Inside the Dark Economy of Hacking and Ransomware (published in North America as Dark Screens: Hackers and Heroes in the Shadowy World of Ransomware), where she examines the economic structures, incentives, and actors shaping the global cybercrime ecosystem.

The International Risk Podcast brings you conversations with global experts, frontline practitioners, and senior decision-makers who are shaping how we understand and respond to international risk. From geopolitical instability and organised crime to cybersecurity threats and hybrid warfare, each episode explores the forces transforming our world and what smart leaders must do to navigate them. Whether you’re a board member, policymaker, or risk professional, The International Risk Podcast delivers actionable insights, sharp analysis, and real-world stories that matter.

The International Risk Podcast is sponsored by Conducttr, a realistic crisis exercise platform. Conducttr offers crisis exercising software for corporates, consultants, humanitarian, and defence & security clients. Visit Conducttr to learn more.

Dominic Bowen is the host of The International Risk Podcast and Europe’s leading expert on international risk and crisis management. As Head of Strategic Advisory and Partner at one of Europe’s leading risk management consulting firms, Dominic advises CEOs, boards, and senior executives across the continent on how to prepare for uncertainty and act with intent. He has spent decades working in war zones, advising multinational companies, and supporting Europe’s business leaders. Dominic is the go-to business advisor for leaders navigating risk, crisis, and strategy; trusted for his clarity, calmness under pressure, and ability to turn volatility into competitive advantage. Dominic equips today’s business leaders with the insight and confidence to lead through disruption and deliver sustained strategic advantage.

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