Ransomware is the most dangerous cyber threat facing consumers

With the growth of the connected devices, cyber threats leading to ransomware have also advanced and Internet of Things (IoT) has multiplied the range of devices that could potentially be infected with ransomware.

Norton by Symantec, one of the global leaders in cyber security software, in its latest research, found that globally, consumers are the most likely victims of ransomware, accounting for 57 percent of all infections between January 2015 and April 2016.

According to the research, ransomware has swiftly emerged as one of the most dangerous cyber threats facing both organizations and consumers, with global losses running to hundreds of millions of dollars.

Between January 2015 and April 2016, the US followed by Canada and Australia were the countries most affected by ransomware. Accounting for nine percent of the total infections, India ranked at number four globally among the affected countries.

The study noted, the consumer ransomware campaigns are automated, with most attack groups simply attempting to infect as many computers as possible to maximize their returns. As a result, the majority of ransomware variants are designed to attack Windows computers. While most major ransomware groups tend to be indiscriminate in their attacks, consumers are often less likely to have robust security in place, increasing the possibility of falling victim.

The report also highlights the average ransom demanded globally by attackers that saw an upward spike this year. The average ransom demanded to date in 2016 more than doubled from Rs. 19,670 in 2015 to Rs. 45,428. The past 12 months have seen ransomware reach a new level of maturity and menace.

According to the report, infection numbers are trending upwards, with the number of new ransomware families discovered annually reaching an all-time high of 100 last year. All but one of the new ransomware variants discovered in 2016 were crypto-ransomware, compared to around 80 percent last year. Crypto-ransomware uses unbreakable encryption on the user’s files. If the victim has no back-ups, paying the ransom is the only alternative.

“Ransomware can vary from holding treasured family photos, hijacking unfinished manuscripts for novels, and blocking access to tax returns, banking records, and other valuable documents to ransom. Moreover, there is no guarantee that paying the ransom will release those padlocks,” says Ritesh Chopra, Country Manager, Norton by Symantec.

With a growing awareness of ransomware affecting traditional computers, attackers continue to improvise and ransomware continues to evolve. In 2015, ransomware found new targets and moved beyond its focus on PCs to smart phones, Mac, and Linux systems. Norton by Symantec even demonstrated proof-of-concept attacks against smart watches and televisions.

The best way for users to avoid a ransomware attack is to take preemptive actions:

• Always keep your operating system and other software updated. Software updates will frequently include patches for newly discovered security vulnerabilities that could be exploited by ransomware attackers

• Email is one of the main infection methods. Delete any suspicious-looking email you receive, especially if they contain links and/or attachments

• Be extremely wary of any Microsoft Office email attachment that advises you to enable macros to view its content.

• Backing up important data is the single most effective way of combating ransomware infection. If the victim has backup copies, they can restore their files once the infection has been cleaned up.