Ransomware is a term that is very much talked about in today’s digital era. Gone are the days when ransomware was considered amateurish work for young computer geeks. Today, it is more of an organized crime ring with one clear objective: to make money. In the process, they ruin businesses, data portals, customer information, and customer trust.
Ransomware is a common type of malware that will try to extract a ransom payment by unblocking access to an asset that belongs to the victim. In the case of crypto ransomware, the captured assets are usually files and data that are stored on infected devices.
When a consumer is affected, the ransom demands are around $300. However, when it comes to businesses, cybercriminals seek a higher demand, because the value of the asset is comparatively very high. Unfortunately, even after the payment of the ransom, there is no assurance whether the cryptors will decrypt the data that they have held as ransom.
“According to the Corporate IT Security Risks Survey 2016, the average amount of damage caused by one crypto malware attack may cost small and medium businesses up to $99,000.” And according to a 2016 Corporate IT Security Risks Special Report Series, “42% of small to midsize businesses say they consider cryptomal ware to be one of the most serious threats that their organization could face.”
Today, with such temporary loss, businesses can face a huge dent in their day-to-day processes, which will ultimately lead to:
· Loss of sales
· Tremendous reduction in productivity
· Huge costs to recover the systems
These damages can jeopardize the core function of any business. Moreover, today there are far more cryptor attacks than compared to just a decade ago. So how does a cryptor attack work?
1. It attacks by sending a URL that directs to a malicious file which gets downloaded the moment someone clicks on the link.
2. Another way is by sending an email that consists of malicious attachments; such an email can even be in the form of a word file.
Generally, crypto malware operates by blocking access to data, instead of stealing them. To get access, victims pay a huge sum as ransom. Employers now must make the extra effort to teach employees to watch out for fake email messages and malicious links that often appear as real by arming against phishing attacks and backing up files frequently.
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