What We Can Do About Ransomware – Today and Tomorrow

May 30, 2016

APAC countries must take note of the prevalence of ransomware attacks in the U.S. and Europe. The good news is that tools and technologies are emerging to combat these cybercrimes.
Ransomware is a huge problem that’s causing 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 an individual’s desktop or a corporate server, often via an unsuspecting person clicking on malware attached to an email, visiting a corrupted site or opening a document containing a macro that downloads the malware. Most often, the malware encrypts the user’s data and demands an untraceable ransom (usually bitcoins) in exchange for decryption.
Once the malware has got in, there’s nothing to stop it from scanning for passwords, bank account information or other sensitive intellectual property. For the consumer and the enterprise, this is a scary and very real invasion.
The scope of these ransomware attacks is huge. In the U.S. the Federal Bureau of Investigation received 2,453 complaints about ransomware cyberattacks in 2015, which the FBI says cost the victims more than $24 million dollars in ransom. Who knows how many people quietly paid and didn’t tell anyone because of shame, perhaps, or lack of knowledge about who to tell?
According to Jayendra Pathak, Chief Architect at NSS Labs, a top tech security analyst firm based in Austin, Tex., these attacks are most prevalent in the US and Europe, but are fast penetrating Asia Pacific as well.
In this article, leading experts James Hamilton – CEO of Wedge Networks, Jason Steer – EMEA Solutions Architect for Menlo Security and Andy Solterbeck – Regional Director APAC for Cylance, give their views on the biggest security threat of modern times. The key is prevention and we must take note as the problem is global and rapidly gaining momentum.
By Alan Zeichick, Principal Analyst, Camden Associates

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