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<a href="/news/40-of-cryptolocker-malware-victims-pay-ransom" title="40% of CryptoLocker Malware Victims Pay Ransom">40% of CryptoLocker Malware Victims Pay Ransom</a>
Posted on: 06 Mar 2014 

Posted By: IT Wiser

40% of CryptoLocker Malware Victims Pay Ransom

 
 

CryptoLocker, the new form of ransomware that is targeting virtually anyone with a computer, is proving scarily successful, according to a new study by the University of Kent.

The social engineering malware attack is hidden in attachments and pictures on the web as well as in emails and is designed to not only infect computers, but also interact with users. Worryingly, one of the most likely places to encounter the ransomware is on Facebook.

 “You may want to click on the video, but all of a sudden you get a message that says you need to download this application to run this video,” cybercrime expert Chris Duque told Khon 2 recently. “Chances are that application that you’re going to download and open on your computer is some sort of malware and, in the worst case scenario, it’s CryptoLocker.”

After having been duped into downloading the ransomware, computers become unusable and Duque warns that businesses in particular need to be aware of the threat.

“In a business, you have financial data, personal information for third parties, so it may affect a business in a legal sense and a business is responsible for protection of the data of their clients also,” he said.

Cybercrime Success

The research by the University of Kent revealed that around 40% of those falling victim to CryptoLocker have agreed to pay the £300 ransom to recover their files. The prevalence of this type of ransomware is in the region of one case in every 30 – much higher than earlier estimates had suggested.

These figures show that six months after its release and after raking in $30 million in just over 100 days, CryptoLocker continues to prove a very successful venture for cybercriminals. Proof of its success will almost certainly see similar, more sophisticated malware surfacing in the near future, fleecing unsuspecting victims out of millions more.

Don’t Let Crime Win

To ensure that you do not find yourself choosing between losing all of your files and parting with a few hundred pounds of your money, there are two things that experts recommend you do for peace of mind. Firstly, you should immediately make backups of all of your files via a cloud backup solution. Secondly, install advanced cloud security to block all malware threats at cloud level.

Each of these things can be achieved by using ITWiser’s exclusive Cloud Online Backup and Cloud Web Security services and will prevent the efforts of cybercriminals jeopardising your business.

To find out more about each of these services, contact ITWiser today.


 
The Register