The term, ransomware, is akin to the kidnapping of humans for a money reward; only ransomware is used to hold computer data hostage until the ransom is paid. Any computer connected to the internet, personal or business, is susceptible to ransomware.According to the FBI website, ìRansomware is a type of malicious software, or malware, that prevents you from accessing your computer files, systems or networks and demands you pay a ransom for their return.î The website states that users can be exposed to ransomware by opening an email attachment, clicking an ad, following a link or even visiting a website that is embedded in malware. The average ransom is about $500 for individuals and $10,000 for businesses, according to the National Credit Union Association. The ransom is usually requested in the form of virtual currency such as Bitcoin, Monero and Zcash, said Courtney E. Bernal of the public affairs team of the FBI Denver field office.Ransomware is covered under 18 USC 1030. This law provides for fines and/or imprisonment of up to 20 years for the conviction of cybercrimes. It also specifies that the FBI is the lead agency in investigating such crimes.According to the Ransom News website, the major sources of ransomware are suspicious email attachments and ìphishing,î which is defined as an email that looks like it is from a legitimate organization, but in that email is a request for personal information for illegal purposes.Ransomware insurance is available from many insurance companies for consumers and companies, the website states. The insurance helps mitigate the cost of investigation, business loss and legal expenses. Of the more than 500 cyber professionals interviewed by the website in 2017, 75% of those who responded had experienced up to five attacks of ransomware in the previous year; and only 3% said they would pay a ransom.Brad Rose, head of internet technology for The State Bank, said his organization has multiple layers of security and backup. They also have extensive training for their employees to recognize ransomware and avoid being a victim. When asked about how individuals could guard against becoming a victim of ransomware, Rose said, ìBack up, back up, back up.î Because the Federal Deposit Insurance Corp. only protects investors, Rose said the bank also has insurance against ransomware.Beazley Group, a specialty insurer, found that 81% of hacking and malware breaches at financial institutions in 2016 occurred in smaller banks and credit unions with less than $35 million in annual revenue.Bernal said the FBI utilizes many techniques for investigating occurrences of ransomware. The FBI does not comment on specific cases, but they abide by strict guidelines in their investigations. Bernal said that perpetrators of ransomware can range from individuals out for financial gain to organized crime groups and foreign nations. He echoed Rose that backup is the best method to recover from a ransomware attack. Bernal added that the FBI does not recommend paying a ransom. Paying a ransom does not guarantee the release of information, and it can encourage the perpetrators to expand their operations.In fiscal 2020, 44 ransomware incidents were reported to the FBI’s Denver field office and 1,997 were reported nationwide.The FBI recommends the following tips for avoiding ransomware:
- Keep operating system, software and applications current and up to date.
- Make sure anti-virus and anti-malware solutions are set to automatically update and run regular scans.
- Back up data regularly and double-check that those backups were completed.
- Secure your backups. Make sure they are not connected to the computers and networks they are backing up.
- Create a continuity plan in case your business or organization is the victim of a ransomware attack.
