The Rise of Ransomware – What you need to know

 

 

•54% of surveyed businesses in the UK have been hit with ransomware.

•2/3 of these companies paid up. 

•Only 4% of UK Businesses are confident in dealing with ransomware.

 

These statistics sadly show that our businesses are not prepared for this type of cyberattack. It is the fastest growing form of malware and there are known to be over 120 strains of ransomware today. One strain even forces you to infect your friends with ransomware in order to unlock your PC.

 

 

The first ever recorded ransomware attack was created by Joseph Popp in 1989. He asked his targets to pay $189.00 to obtain the repair tool. Joseph was caught but was declared mentally unfit to stand trial. 

 

In 1996, Adam L. Young and Moti Yung evaluated Popps technology. They noted that the biggest flaw was that the decryption key was embedded in the code of the malware. They developed a new strain in which the malware did not embed the decryption key. What’s interesting is that Young and Yung stated electronic money could be extorted through this method, stating that “The malware can effectively hold all the money ransom until half of it is given to him”. This was before electronic money (Bitcoin) was even invented.

 

Ransomware returned to the world in 2005, and after recognising it’s potential, many cyber criminals have been using it more and more. Today there is even ransomware for smart phones - including iPhones.

 

One of the main purposes of ransomware is blackmail. And blackmail can only work when fear is involved. This is why ransomware is so effective. Targets fear they may lose days, weeks (or in some cases years) of files, data and work. Employees fear of being responsible for an attack of a business if it comes through them. If your businesses technologies were compromised, what would you do?

 

 

Is to avoid it. It is so much easier to avoid ransomware then it is to remove it from your network. Here are some tips on how to avoid it:

 

•Know how you get ransomware

Ransomware infects your network through your actions. These actions include clicking on a link from an email or messages in social networks or downloading things off the internet. 

 

•Know what to look for

Knowing how ransomware gets onto your PC, it’s important to be able to recognise what a phishing email looks like. Often you may receive an email from a cybercriminal pretending to be someone you know. Look for off characteristics in this email, spelling errors, or any requests of money to be transferred. Only download official installs of the internet, and never click a link you don’t trust.

 

•Invest in anti-virus

If you don’t have anti-virus in these modern times, you are putting your business at serious risk. You can implement firewalls and email protection, web content filters, and VPNs. These all work together to keep your business protected from ransomware.