26 August 2016

Threat only getting worse

Ransomware is not going away, according to a new study from US-based security outfit Arctic Wolf Networks.

FBI's Internet Crime Complaint Center reported that a total of 2,453  ransomware complaints were received in 2015, costing victims more than US$24 million dollars.

"Any cyber hack presents a threat to an organisation, but ransomware does so by making it impossible to conduct business," the report said. "Without access to servers, devices and files, an organisation is crippled, losing money with every minute that passes."

And the consequences resonate further than a one-time financial loss owing to the fact that a ransomware attack is crippling to business operations. Beyond disrupting network operations it can tarnish a firm's branding with its customers.

The preponderance of ransomware arrives into the organisation via email and using social engineering tactics dupes recipients into clicking on a link that seems legitimate but actually delivers malware. However, the difference between this and other malware, the researchers said, is that it doesn't lie dormant in the system but rather takes immediate action. Within seconds the malware unpacks its load, executes on the infected system and subsequently connects with a remote C&C server to retrieve a key, which is then used to encrypt the victim's files.

CyberHound's Managed Security Service can provide protection against costly and time-consuming ransomware threats, find out more via our Data Sheet - Managed Security Service or on our Business Customers site.

Read the full article here.