Bitcoin, the Internet’s equivalent to cash, has inspired a new twist on an old computer attack.
"It's as if I've taken your favorite teddy into the woods and tied him to a tree,” said computer security expert Jon French as reported by OregonLive. “Now, you have two choices — you can give me all your pocket money, and I'll give you a map telling you where teddy is, or you can ignore me and teddy will stay tied to a tree FOREVER! mwahahah!"
French used this example to describe how ransomware, a newer computer malware, operates. It encrypts your data and in order to unencrypt it, you must pay for the password. In other words, hackers are holding your personal data for ransom, hence the name. These types of attacks have been done before, however. So what’s the difference?
The difference between ransomware and other similar malware is the usage of Bitcoin.
“The emergence of Bitcoin, a digital cryptocurrency that can be used anonymously, is a big part of the reason,” wrote the Economist. “Most ransoms must be paid in it, and ransom notes typically explain how to buy it. Other online options such as PayPal require a credit or debit card, or a bank account, making them riskier for criminals.”
It isn't just individuals with poor computer security who are being affected.
“Businesses, financial institutions, government agencies, academic institutions and other organizations can and have become infected with it as well, resulting in the loss of sensitive or proprietary information, a disruption to regular operations, financial losses incurred to restore systems and files, and/or potential harm to an organization’s reputation,” the FBI stated in a recent article about ransomware.
According to USA Today, if the ransom for your data is not paid within a couple of days, it is common that the ransom will triple in amount. Even if the ransom is paid, that is no guarantee that you will get your data back.
For this reason, it is very important to have good online safety practices to avoid ransomware.
“The best way to protect yourself from ransomware malware is to avoid it in the first place,” wrote USA Today. ”Have a good firewall, good anti-virus software and good anti-malware software installed on your computer, tablet and other mobile devices and keep that security software updated.”
It is important that one secures all of their electronic devices and not just their computers. Although mobile attacks haven’t been very common in the past couple of years, that may no longer be the case.
“Mobile malware has been talked about as a natural progression in cybercrime trends, but is yet to truly make its mark on devices,” wrote ZDNET. “However, research from Lookout claims that mobile malware is on the rise.”
Matthew Jelalian writes on financial issues for the MoneyWise section. He can be contacted via his email mjelalian@deseretnews.com or on twitter @jelaliam.