Organised cyber criminals leave nothing to the imagination when it comes to using cutting edge technology to execute mega crimes against corporations and render them powerless by taking over their confidential data often locking them out of their systems. 

Ransom ware is a type of malevolent software from crypto-virology that attacks the victims’ data and ex-filtrates it with the purpose of holding it ransom in exchange for money. Ransomware attacks are typically carried out using a Trojan, enters the system through, a malicious attachment embedded link in a Phishing email, or vulnerability in a network service. Malspam and Malvertising are two main ways the attackers target the victims through phishing. The cyber criminals are always devising new ways to launch new attacks and it is very important for large corporations to structure efficient cyber security and cyber law consultants in their advisory panel from the very inception.

Payment is almost always the goal, and the victim is coerced into paying for the ransomware to be removed. Ransom-ware attackers block access to the hijacked data it unless a ransom is paid and threaten to perpetually block access to data, publish it on the clear web for open viewing by anybody or sell it on the dark web for nefarious activities. 

Highly well informed and techno-savvy hackers employ a technology which encrypts the victim’s files and lock the system irreversibly.  Holding hostage this confidential and sensitive data they negotiate with the victims demand a ransom payment to decrypt them and return access. The ransom is demanded in crypto currencies such as Bitcoin or Ukash, tracing which is not possible and prosecuting the perpetrators becomes next to virtually impossible.

“In today’s world of increased integration of technology and data, there is a risk that many businesses will be exposed where ransom ware attacks are carried out on third party service providers. It is therefore also imperative that businesses anticipate this risk he said.

Cyber risk experts strongly recommend that businesses must place great emphasis on the quality on the of service contracts drawn with their service providers to provide the best possible safety to their customers. In today’s world work models often consist of out-sourcing and delegating to third party service providers to provide assist their customers. The businesses must anticipate the possibilities of ransom ware attacks being targeted at these providers and seek to reflect this concern in the terms of their service level agreements, specifying liability to be able to obtain redress for any negative impact caused to their operations and services originating from cyber attacks on service providers.

The terms of drawn out in these contracts will determine whether the businesses have any recourse against the service providers in the event that their services are disrupted due to a cyber attack. Thus the services of an expert and experienced cyber lawyer should be sought out right from the very beginning stages of setting the business. There is no major business which is not dependent on the internet for its operation, and multi-national businesses make it mandatory to hire the best of cyber security and cyber law consultants to protect their interests.

Ransomware Cases

The two major ransom ware attacks which made headlines world over and alarmed the biggest businesses in the world to look up and take notice are the Travelex case where ransom ware hackers attacked the data and demanded a ransom of $6 million.

  • The Travelex case is cited as one of the most recent example of a high-profile corporate entity being crippled by ransom criminals. Such attacks create vulnerability across the various aspects of the business. Disruption of services is just one of the problems, compounded by damage to the brand reputation, risk of turning non-compliant with reference to regulatory requirements for data privacy and the consequences which are a consequence. 
  • Travelex said on April 18 that it had been hit with what it suspected was Maze, a relatively new form of ransomware that is particularly insidious. It steals data as well as crypto-locks it behind a password, leaving the private data in the hands of cybercriminals with only their word that it will remain confidential.
  • Cognizant, a global brand, is the most recent victim of a high-profile ransomware attack. Cognizant said on April 20 it learned the cybercriminals had “exflitrated limited amount of data.” 
  • The damages and recuperative costs associated with ransomware attacks are hard to quantify because there is a gamut of direct and indirect costs. The direct cost of the ransom figure, (if paid) is only one part of it. Data recovery, revenue loss, investments to improve cyber security to avoid future threats and exercises to rebuild customer confidence are unavoidable cost factors as the consequence of being a victim of a ransomware attack.

Types of ransomware (*Note Please write a few lines for each. Thank you)  The content in bold is copied from an article or website). You can replace it with your content.

There are three main types of ransomware, ranging in severity from mildly off-putting to Cuban Missile Crisis dangerous. They are as follows:

  • Scareware

Scareware, as it turns out, is not that scary. It includes rogue security software and tech support scams. You might receive a pop-up message claiming that malware was discovered and the only way to get rid of it is to pay up. If you do nothing, you’ll likely continue to be bombarded with pop-ups, but your files are essentially safe.

A legitimate cybersecurity software program would not solicit customers in this way. If you don’t already have this company’s software on your computer, then they would not be monitoring you for ransomware infection. If you do have security software, you wouldn’t need to pay to have the infection removed—you’ve already paid for the software to do that very job.

  • Screen lockers

Upgrade to terror alert orange for these guys. When lock-screen ransomware gets on your computer, it means you’re frozen out of your PC entirely. Upon starting up your computer, a full-size window will appear, often accompanied by an official-looking FBI or US Department of Justice seal saying illegal activity has been detected on your computer and you must pay a fine. However, the FBI would not freeze you out of your computer or demand payment for illegal activity. If they suspected you of piracy, child pornography, or other cybercrimes, they would go through the appropriate legal channels.

  • Encrypting ransomware

This is the truly nasty stuff. These are the guys who snatch up your files and encrypt them, demanding payment in order to decrypt and redeliver. The reason why this type of ransomware is so dangerous is because once cybercriminals get ahold of your files, no security software or system restore can return them to you. Unless you pay the ransom—for the most part, they’re gone. And even if you do pay up, there’s no guarantee the cybercriminals will give you those files back.

Latest ransomware attacks

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Average users did not know what to make of this and believed they were truly under investigation from law enforcement. This social engineering tactic, now referred to as implied guilt, makes the user question their own innocence and, rather than being called out on an activity they aren’t proud of, pay the ransom to make it all go away.

Mobile ransomware

It wasn’t until the height of the infamous CryptoLocker and other similar families in 2014 that ransomware was seen on a large scale on mobile devices. Mobile ransomware typically displays a message that the device has been locked due to some type of illegal activity. The message states that the phone will be unlocked after a fee is paid. Mobile ransomware is often delivered via malicious apps, and requires that you boot the phone up in safe mode and delete the infected app in order to retrieve access to your mobile device.

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