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Technology / #TEISS17 Cyber criminals targeting businesses with ransomware

#TEISS17 Cyber criminals targeting businesses with ransomware

Cyber criminals are using increasingly using ransomware to target businesses.

Speaking at The European Information Security Summit, Rik Ferguson, vice president of security research at Trend Micro, says “there has been a surge in ransomware in 2016.”

In 2015, there were 29 families of ransomware, but in 2016 this increased by 748 per cent to 246 families, with approximately a $1billion being lost to ransomware. According to Ferguson it is businesses that they are targeting.

He says: “The only reason is because it works. Criminals are making money.”

A recent UK ransomware survey found, four fifths (82 per cent) consider ransomware to be a threat to their organisation, while 18 per cent did not.

According to the report the average ransomware request received was for £540, although for 20 per cent of those infected, the request had been more than £1,000.

Nine in ten (89 per cent) reported a time limit on paying the ransom, with the time limit being 19 hours on average.

Organisations affected by ransomware also estimated they spent 33 man hours on average fixing the issues caused by the ransomware infection.