Ransomware is on the rise, and security experts are warning businesses and individuals to take extra care in the wake of a surge in reported cases.
Essentially ransomware has the capacity to lock a user out of their own system and demand a financial ransom by encrypting data on an infected device. The decryption key is then only made available once a ransom has been paid.
It’s a clever way in which scammers are making money – and we’re not just talking a few pounds here and there. Worldwide, the total amount of money being paid in ransomware is in the millions.
One of the major reasons as to why ransomware is so effective is because of our reliance on technology to operate as businesses. If a business is locked out of their own system, every second that goes by is potentially costing money. It’s therefore easier to pay the ransom and get your business back up and running as quickly as possible.
Decisions as to how much money is asked for, and who is specifically targeted, is very carefully considered. The type of business and their likely propensity to pay is accounted for which can help give the scammers maximum profit margins. They even reinvest money acquired in to developing their coding as well.
It’s all very intelligently thought out with strategies employed in the same way an actual business would do so – but with the difference here being that people are being scammed out of millions of pounds.
Hundreds of thousands of messages are being sent that are hiding ransomware, and just this month Apple was effectively targeted which has spread a wave of panic across the world given how secure Apple operating systems are supposed to be.
Security experts say that backing data up is key to preventing yourself from falling victim to ransomware, but even the time it takes to bring your backup systems online could prove to be more costly then paying a ransomware fee.
IMPORTANT: advice on this page is intended to be up-to-date for the 'first published date'.
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