Page 105 - Cyber Warnings August 2017

user to pay a specific ransom to reclaim or reactivate the computer. Moreover, some
ransomware-based applications also impersonate or disguise themselves as police or a
government agency, claiming that the user’s system is locked down for security reasons and
that a fine or fee is required to reactivate it.

Ransomware is a form of malware in which rogue software code effectively holds a user's
computer hostage until a "ransom" fee is paid. Ransomware often infiltrates a PC as a computer
worm or Trojan horse that takes advantage of open security vulnerabilities. A multitude of
ransomware variants exist. In recent years, there has been a significant increase in the
brazenness, prominence, frequency and number of ransomware attacks. They include
Cryptolocker and its variants such as Kriptovor and Teslacrypt, Cerber, Dridex and Locky and
most recently, WannaCry.

Ransomware is one of the most frequent and damaging types of malware affecting businesses
today. It can affect both individuals and organizations alike, and can impose significant costs –
in both recovery and down time. It doesn’t matter how big or small your business, or whether
you hold valuable information, the aim is to stop you from accessing the files that matter to you.
Typically, ransomware works by locking up – or encrypting – your files so that they can no
longer be used, and some types are even designed to stop your computer from working entirely!

The services industry is the sector most affected by ransomware, accounting for 38 per cent of
reported infections in the last year. Businesses in this sector, such recruitment agencies, handle
high volumes of data and typically integrate with various internet services and applications that
expose them to infections. Recruitment agencies are particularly vulnerable to attacks.
Downloading files like applications, CVs, portfolios and contracts is an essential and everyday
function for a recruiter, but antivirus software may not always pick up on files that contain
ransomware. And what’s more, data (and the ability to access it) is the most important asset a
recruitment agency has. You know that without it, you can’t process candidates or fill positions –
and ransomware attackers know this too.

However, on May 12th, 2017, one ransomware had spread so quickly and in such a way that
not only the tech and business industries were affected, but even healthcare providers and
average citizens found themselves completely locked out of their own computers and files
likewise. Chinese online news outlet focusing on the Internet industry reported that a number of
Chinese universities had been affected by the attack. Cyber Security Breaches Survey 2017
reveals that all sectors and sizes of businesses are being affected by cybercrime, causing
significant damage to their finances and reputation. The use of ransomware combined with
social engineering has increased significantly over the last few years, although the first cases
emerged as long ago as the late 1980s and early 1990s.

While in Ukraine, ransomware hits like wildfire, hitting both government services and foreign
companies. It affected the country's national bank, the state power company, and the largest
airport: Kiev's Borispol Airport. It has even affected the Chernobyl nuclear power plant,

105 Cyber Warnings E-Magazine – August 2017 Edition
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