Ransomwere threats increasing globally, India occupies fourth spot

In a recent report, a prominent cybersecurity firm said Ransomware has emerged as one of the most dangerous cyberthreats for both organisations and consumers, with global losses now likely running to hundreds of millions of dollars.

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 per cent of all infections between January 2015 and April 2016.

According to the research, consumer ransomware campaigns are automated, with most attack groups simply attempting to infect as many computers as possible to maximise 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. 

Ransomware attackers hike fees

The past 12 months have seen ransomware reach a new level of maturity and menace. According to the report, the perfection of the ransomware business model has created a gold-rush mentality among attackers, as growing numbers seek to cash in.

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 per cent 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.

The research further highlights the average ransom demanded globally by attackers also 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.

Digital extortion cases in India

Between January 2015 and April 2016, the US followed by Canada and Australia were the countries most affected by ransomware. Accounting for nine per cent of the total infections, India ranked number four globally among the affected countries- indicating that consumers cannot throw caution to the wind when it comes to this type of cyberthreat.

Well-known cybersecurity expert Rakshit Tandon, said, “Ransomware is a growing menace that is affecting a lot of Indians. As cybersecurity professionals, we receive complaints from consumers, professionals and companies whose computers have been lockdown by ransomware and data encrypted.”  

Newer methods

The growth of the Internet of Things (IoT) has multiplied the range of devices that could potentially be infected with ransomware.

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.