Cybercriminals who utilize ransomware software to demand money from victims are using increasingly advanced methods, according to the antivirus company Symantec Corp. A type of malware, ransomware blocks a user’s access to a computer or network until a sum of money is transferred over to the cybercriminal’s bank account.
Reports of ransomware hacks have seen a sharp rise in recent years and those responsible are using increasingly sophisticated methods in an attempt to extort higher payments from victims. In its annual “Ransomware and Businesses” report published earlier this week, Symantec said that, although individuals remain the most common target for a ransomware hack (57% of victims), attacks on businesses and larger companies are on the rise.
“More criminals are starting to use ransomware as a door opener because it’s automated; it’s not like a hacker has to specifically go after company X or individual Y,” explains Jeremy Barnett, Senior Vice President of Marketing at
NAS Insurance Services. “Often, cybercriminals send out malware files on a mass scale, and then see where they get picked up. Then, when someone clicks on the link or downloads the file, the encryption is instantly instigated.”
Recent advances in encryption technology is one of the main drivers behind the increase in ransomware incidents, says Symantec’s report. The FBI received more than 2,400 ransomware complaints in 2015, accounting for $24 million in losses, which was up from 1,800 reported hacks in 2014. The average ransom amount in 2016 – through April – is $679.
The first major ransomware attack on the Apple Inc. Mac’s OS X software was reported in March of this year, although Microsoft Corp.’s Windows platform remains the most targeted.
