Beware! ransomware is on the prowl

A malicious software that infects the computer and asks for money

Did your computer inexplicably freeze or applications ceased to function? Chances are that some villain in Russia or North Korea would have taken control of it seeking ransom. The issue of ‘ransomware’ continues to be the biggest cyber crime threat affecting people globally.

In the real world, a person is taken hostage for ransom.

Similarly, ransomware is a malicious software that infects the computer and asks for money. For example, there was a ransomware that fakes as an alert or a warning from Federal Bureau of Investigation that you are involved in illegal cyber activity and demands that you pay a fine or end up in jail.

A growing number of cyber criminals are using deceptive links and web sites to install malicious software, which can hold the computer for ransom. Infected machines pop messages that demand payment to restore functionality, said Fran Rosch, EVP and GM, Norton Business Unit, Symantec Corporation, a $4-billion provider of security solutions.

The malicious software affects the system when the person clicks a link, and the bad guys immediately encrypt all the information and pop up a screen saying that they have taken control of system’s information. They hold information till the payment is not made.

Another way is that your computer could really slowdown with virus getting in to the system. The bad guys can take away money of $50-100 right away, he told BusinessLine.

The malicious software creators seeking money are located all over the world, especially in Eastern Europe, Russia and North Korea. Governments there don’t crack down on such cyber criminals. They are well educated with good computer skills. However, their economy is in bad shape and unemployment is high, he said.

Growing menace

There was a 25 per cent growth in malware that get into the system to steal information last year. A decade ago, there were 10-12 new malwares a month. Now, a million variations are coming out every month as the bad guys have set up program to keep sending them frequently for money.

Source | Business Line | 9 February 2016