In line with the recent trend towards malware targeting large companies, Ransomware is a relatively new cyber security problem which, as the name suggests, takes hold of a computer with the intent of limiting or altogether preventing the user from accessing his or her computer. In order to lift this blockade, the program expects the user to pay a ransom in order to regain full computer access. Aside from the self-evident problem Ransomware presents, it also serves as a phishing tool because most programs retain the payment information to sell online. Lifelock CIO Neil Daswani says of Ransomware that “As companies amass larger quantities of diversified data and increase their reliance on third party service providers, every business must have safeguards in place and be prepared to react strategically in the event of a breach,” and that the cyber-criminals behind the attacks are gradually seeking increasingly sensitive and high-value data.
According to the Online Trust Alliance’s (OTA) 2016 Data Protection and Breach Readiness Guide, 91 percent of data breaches occurring between January and August of 2015 could have easily been prevented by taking the proper stops to counter Ransomware and other malware and simply patching servers and encrypting data, and that 30 percent of hacks happened as a result of negligence on employees’ parts. Cyber-attacks are evolving, and as a result cyber security must evolve with it.