Ransomware is a type of malware that prevents or limits users from accessing their computer systems, either by locking the system’s screen or by locking the users’ files via encryption unless or until a ransom is paid. Security experts have warned that ransomware is the fastest growing form of computer virus. Like other computer viruses, it usually finds its way onto a device by exploiting a security hole in vulnerable software or by tricking somebody into installing it.

Prevention and Protection

The best protection against ransomware attacks appears to be good backups of the system before it was infected. Backups should be kept off-site as much as possible. Cloud backup services like that of Carbonite are a good option. Also anti-virus\anti-malware software should be used to alert on activity like the encrypting of files or other than normal behavior. At the time of this post Trend Micro’s offering is a good option. User education on this topic is another means of protecting networks against infiltrations. Security departments should conduct frequent phishing exercises designed to teach users the methods used to entice them to click on links that install malicious software.

Ransom Prices and Payment

Ransom prices vary depending on the ransomware variant and the price or exchange rates of digital currencies. Ransomware payments are typically made using bitcoin or similar technology. Bitcoin is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made with no middle men – meaning, no banks! There are no transaction fees and no need to give your real name. More merchants are beginning to accept them: You can buy webhosting services, pizza or even manicures. Several marketplaces called “bitcoin exchanges” allow people to buy or sell bitcoins using different currencies. Mt. Gox is the largest bitcoin exchange.

Links to articles of ransomware attacks:

San Francisco Metro System Attack

MedStar Health System Attack

Texas Police Department Attack

References:

CNN Money. (N.D.) What is a Bitcoin. Retrieved from http://money.cnn.com/infographic/technology/what-is-bitcoin/

Trend Micro. (N.D.) Ransomware. Retrieved from https://www.trendmicro.com/vinfo/us/security/definition/ransomware