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The threat of ransomware is escalating

News   •   Jul 27, 2017 09:25 BST

Ransomware has soared since 2012, with criminals lured by the promise of profit and ease of implementation. The threat continues to evolve, becoming stealthier and more destructive, increasingly targeting organizations more than individuals because the potential returns are much higher.

The indiscriminate WannaCry attack in May affected more than a quarter of a million computers across 150 countries in its first few days, crippling critical infrastructure and organizations. Some organizations are still struggling to recover from NotPetya attacks in June.

The total number of users who encountered ransomware between April 2016 and March 2017 rose by 11.4% compared to the previous 12 months, from 2,315,931 to 2,581,026 users around the world.

To help combat the threat, the No More Ransom initiative was launched a year ago by the Dutch National PoliceEuropolMcAfee and Kaspersky Lab. Today there are more than 100 partners, as major ransomware attacks continue to dominate the news, hitting organizations, governments and individuals all over the world. The site now carries 54 decryption tools, provided by nine partners and covering 104 types (families) of ransomware. So far, these tools have managed to decrypt more than 28,000 devices, depriving cyber criminals of an estimated €8 million in ransoms.

The success of the No More Ransom initiative is a shared success, one that cannot be achieved by law enforcement or private industry alone. By joining forces, it has enhanced the ability to take on the criminals and stop them from harming people, organizations and critical infrastructure, once and for all.

Law enforcement globally, in close cooperation with private partners, has ongoing investigations into ransomware criminals and infrastructure. However, prevention is no doubt better than cure. Internet users need to avoid becoming a victim in the first place.

With the infected computers or networks becoming unusable until a ransom has been paid or the data has been recovered, it is clear to see why these types of attack can be a concern for business continuity professionals. The latest Horizon Scan Report published by the Business Continuity Institute revealed cyber attacks as the number one concern.

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