Paying a steep price in Bitcoins for security lapses, thanks to ransomware

Ransomware is a huge problem that causes real harm to businesses and individuals. Technology service providers are gearing up to fight these cyberattacks – and that’s coming none too soon.

Ransomware is a type of cyberattack where bad actors gain access to a system, such as a consumer’s desktop or a corporate server. The attack vector might be provided by downloading a piece of malware attached to an email, visiting a corrupted website that runs a script that installs the malware or by opening a document that contains a malicious macro that downloads the malware.

In most ransomware attacks, the malware encrypts the user’s data and then demands an untraceable ransom. When the ransom is paid, the hackers promise to either decrypt the data or provide the user with a key to decrypt it. Because the data is encrypted, even removing the malware from the computer will not restore system functionality; typically, the victim has to restore the entire system from a backup or pay the ransom and hope for the best.

As cyberattacks go, ransomware has proven to be extremely effective at both frustrating users and obtaining ransom money for the attackers.

I was asked to write a story for Telecom Ramblings about ransomware. The particular focus of the assignment was on how itaffects Asia-Pacific countries, but the info is applicable everywhere: “What We Can Do About Ransomware – Today and Tomorrow.”