The Rise of Ransomware

Cybercrime is on the increase and experts predict the global cost will hit $6 trillion annually by 2021, and the cybercrime expected to dominate of the next few years is Ransomware.

Ransomware is malware that can lock a device or encrypt its contents in order to extort money from the owner in return for restoring access to those resources. This kind of malware can also have a built-in timer with a payment deadline that must be met, otherwise the price for unlocking the data and hardware will grow – or the information and the device will ultimately be rendered permanently inaccessible.

Among the well-known examples of ransomware affecting desktop computers are Reveton, CryptoLocker, CryptoWall and TeslaCrypt; and on mobile platforms Simplocker and LockerPin.

Attackers are using ever more sophisticated methods of attack and are using encryption of the strength that banks use to protect payments by their customers, making recovery of files and data increasingly difficult and some cases impossible.

It is, therefore, good business sense to focus on protection and prevention rather than pay for the consequences.

The consequences of a business losing or being locked out of its critical data can be disastrous and in some cases has seen businesses disappear overnight, unable to recover from the setback.

Don’t let your business become an unfortunate statistic. Contact us to find out how well prepared you are and make sure to use a multi-layered approach and read our top IT security tips here.

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