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Risks and Security Concerns of Ransomware

Added on - 07 Apr 2020

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Running head: RISKS AND SECURITY CONCERNS WITH RANSOMWARERisks and Security Concerns with RansomwareName of the StudentName of the UniversityAuthor Note
1RISKS AND SECURITY CONCERNS WITH RANSOMWARETable of ContentsIntroduction......................................................................................................................................2Background......................................................................................................................................2Risks and Security Concerns of Ransomware.................................................................................2Strategies for Addressing the Identified Risks................................................................................2Conclusion.......................................................................................................................................2Future Trends...................................................................................................................................2References:......................................................................................................................................2
2RISKS AND SECURITY CONCERNS WITH RANSOMWAREIntroductionIn this modern digital world, Information technology is playing very vital role inproviding comforts by easing the way of work. However, there is always a bright side and darkside of any beneficial aspect similarly, there are certain security risks related to the application ofinformation technology. There are various types of risks related to the information security; thisreport focuses on the Ransomware attack, which can be remarked as the trending risk in thisfield. It is threat that cannot be pushed away completely, in fact it is changing and evolving dayby day as the technology is developing. There are several approaches, opinions, methods, andactions that can help in addressing the risk related to the ransomware attacks; however in realworld “the reality is that it is not if an individual will be affected, but when.”BackgroundCybercriminals are not those who are trying to steal someone’s mail from the mailbox orabout putting skimmers on ATMs. Cybercriminals are getting more advanced than that, whichmeans cybercriminals are using more sophisticated technology to get the access to someone’spersonal data without any authority (Clough, 2015).Ransomware can be stated as a form of cyberattack, which is made to obtain the datarelated to an individual or an organization and in exchange gain payment. There are several waysto encrypt the file that is being used by many attackers, however the common or predominantlyuses the AES algorithm (Corrigan, 2017). Ransomware is spreading by the means of distributionof malicious files that contains malicious virus. The very recent example of such attempt isWannaCryransomware attack, which was successfully attempted and affected many of the
3RISKS AND SECURITY CONCERNS WITH RANSOMWAREorganizations in all over the world. This attack also damaged many systems that cause loss ofseveral data and information of more than a million people (Mansfield-Devine, 2017).According to the U.S. Government interagency report, it can be said that there are almost4,000 ransomware attacks are being made daily from since 2016 and estimated that these attackshave been increased by 300% as, it was reported in 2015 that the attack rate was 1,000 in 2015.These attacks are being assumed that will keep on increasing like this growth rate. Anotherreport presented by McAfeeTMdepicts that “just one ransomware made $121 million in the lastyear” (Carlin, 2015).Risks and Security Concerns of RansomwareLoss of money:In order to get access to own data an individual or an organization had topay the ransom to the hackers for the decryption of encryption that they had put on the filesthrough intrusion. Kirk ransomware is the latest example in which the ransom wase paid by themeans of Monero (Karaffa, 2017).Loss of money and not any data recovery:This is the top most risk in any ransomwareattack in which there are chances that the hackers will not provide the decryption for the fileseven after receiving money. For example in WannaCry ransomware cyber attack many of thevictims had to pay the ransom whereas most of them do not receive any decryption for theircorrupted files.Data compromised:Even after receiving the data there are chances the data has beenalready compromised means if hackers have the access to the data then they have also access tomanipulate them by exposing, deleting or editing, which is a serious risk that can affect theproper functioning of the organization (Kharraz et al., 2015).
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