In 2017 hackers made around a billion dollars by holding a computer data hostage but this year ransomware attacks have dramatically increased to 4 times as frequent. Spread through spam email or by exploiting software vulnerabilities.
Ransomware is a virus that encrypts data on a computer locking you out of your own files to have your data restored the virus demand you send the hacker a payment in bitcoin and when you don't pay up your files will be lost forever or sensitive data of the company will be leaked to the public which is why most businesses end up paying the ransom.
According to cybersecurity expert Mikko Hypponen, the encryption is almost impossible to break. he said ;
"even if you would have all the computer on the planet trying to decrypt one file ,the sun would go out before you will find the key".
In the past hackers made the majority of their money finding ways to sell stolen data such as a victims credit card number but with companies getting better fraud detection the price for stolen data has dropped in recent years. Meanwhile, the average ransomware demand has skyrocketed which means the payoff these attacks ca be massive.
One Ransomware made as much as $84,000. Businesses are especially vulnerable to ransomware because the cost of losing corporate data can be devastating.
According to IBM 70% of businesses hit with ransomware paid their attackers.On of that half of those companies paid over $50,000 and 20% paid more than $100k.
Oftentimes companies get hit more than once as 85% of companies hit by ransomware last year were hit by 3 or more attacks. In 2017 one hospital in London was infected by ransomware 19 times over the course over the course of 12 months.
Ransomware has become such a frequent occurrence. 40% of companies in the UK with over 250 employees are now stockpiling bitcoin in the event of an attack.
Officially the FBI recommend victims contact authorities and never pay the ransom but even police stations have had to pay to have their files decrypted.
Today almost anyone can get their hands on ransomware technology-free package shark ransomware can be purchased on the deep web for has little has $39 and with the advent of anonymous cryptocurrency like bitcoins, hackers are extremely hard to catch.
Expert warns that ransomware hackers could turn to other targets for instance in 2016 cybersecurity experts were able to infect a smart thermostat locking the temperature at 99 degrees unless the owner paid up.
The most dangerous potential targets could the industrial control systems or entire power grids could be held ransom by hackers.
Ther's no immediate solution to the ransomware problem the only real way hackers will slow down attacks is if people stop paying the ransom.
Amazing story