With the worldwide coronavirus spread changing how we work and educate ourselves, the chances of a jump in ransomware are climbing.

The remote-work movement is getting more momentum than before, as corporations, government agencies, and educational institutions are struggling to stay alive while the pandemic curve flattens. This move to remote work has its pros and cons that make for fertile ground for cybercriminals to flourish on. There is no way that cyber threats can be absolutely removed. The best thing businesses may do is to reduce the level of attacks.

What’s ransomware?

Cyber-criminals utilize malicious software to block individuals or organisations from getting to their computer systems before a ransom has been given to the criminals. Cryptos like BTC have rendered it easier for these sinister people to collect payment with no revealing of their identities.

The Department of Homeland Security’s cybercrime sector, in collaboration with the UK’s National Cybersecurity Centre, already gave alerts concerning the rise in phishing crimes that may get people to malware being installed on their computers. The joint warning was released as the amount of cyber-attacks on remote staff heightened.

Hackers attack individuals and all sorts of institutions. In June, the University of California in San Francisco was forced to pay $1.14 million in BTC. In May, hackers successfully attacked the popular Grubman Shire Meiselas & Sacks lawyers. Criminals threatened to reveal one terabyte of celebrities’ private data unless a ransom was paid in BTC. In addition, the City of Johannesburg, South Africa’s financial capital, was hit by a bitcoin ransomware attack in October.

Cryptos, because of their anonymity, are growing in popularity with cyber-criminals. Hackers earn the ransom payment in private coins or big cryptos such as BTC. The digital properties are then cleaned up by going through the mixing systems.

Companies and workers expected to invest in cyber-security

When businesses encourage their workers to work from home, they need to understand that their data and secrets can be exposed. Although remote workers are the target, it is the businesses that are struggling at the end of the day. It goes without saying that prevention is better than treatment. Firms need to invest in educating employees on how to protect their computers.

About 73 percent of attacks lead to info being coded. In order for a ransomware attack to be a success, this needs to happen:

  1. Coding of data.
  2. Get paid.
  3. Decoding of files.

There are a variety of methods that are the first step for ransomware. It could be a simple phishing email, or hackers might use vulnerabilities in network systems. Firewalls are designed to be utilized to block ransomware. Some businesses can believe that installing a firewall is costly, but the cleaning bill is bigger.

Employees can use strong passwords that are a combination of all kinds of characters found on a regular keyboard. Passwords can also be updated continuously. There are zero-cost resources that may be utilized to create secure passwords that aren’t simple to hack.

Should businesses pay ransoms?

It really depends on what the firm has to lose. The criminals typically aim for a firm that holds information of value. Mostly, revealing this would damage the firm’s dwellings and its standing in the industry or their clients. This especially goes if the info is put up on the darknet for selling. Criminals recently sold 160 million user data information from eleven firms on the dark internet, asking for around 23,000 dollars.

The answer is not definite, but everything seems to say – pay the ransom. And in these cases, cryptos are used for the trade.