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Volume 30, Issue 4

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Monday, 27 June 2016 00:00

How Ransomware Is Impacting the Corporate World

Written by  MICHAEL C. REDMOND & VIBHAV AGARWAL

Ransomware is fast becoming a huge challenge to the corporate world. Ransomware is a kind of malware that limits access to the computer system that becomes infected, whereby demanding some sort of ransom paid to the creator(s) of the malware in order for the threat to be removed. Some forms of ransomware encrypt files on the system's hard drive (cryptoviral extortion, a threat originally envisioned by Adam Young and Moti Yung), while others work to just lock the system, displaying messages intended to intimidate users into paying. While its complete origins may be unclear, it is believed to have soared in popularity in Russia. The use of ransomware scams has now become widespread globally. CryptoLocker, a ransomware worm that surfaced in late 2013, had procured an incredible estimated $3 million before it was taken down by authorities. Security software vendor McAfee released data showing it had collected more than 250,000 unique samples