Business Management

The Rising Face of Cyber Crime: Ransomware

Provided by Bitsight Technologies

Category Business Management

Type White Paper

Length 11

Publish Date September 20 2016

Date posted January 03 2017

Overview

In 1989, long before the widespread adoption of the Internet, cyber criminals were using floppy disks to spread ransomware across computers. This AIDS Trojan, also known as the "PC Cyborg Trojan," was the first strain of ransomware ever documented. More than 27 years later, ransomware is now a lucrative business for cyber criminals, with some experts estimating that hackers earn over $90,000 per year through these attacks.
Today's cyber criminals have evolved their approach using advanced strains of ransomware that encrypt data on an organization’s network or lock users out of their devices. These hackers then demand a ransom, typically in the form of Bitcoin, before restoring the data back to normal. They even use "ransomware- as-a-service," which offers malware-construction kits designed to be easily deployed with minimal hacking experience.

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