Demand for ransomware soars by 2500% amid high profile Cyber Attacks!

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A recent report released by Computer Security Company Carbon Black reveals that the demand for ransomware has soared by 2500% in 2017, amid high profile cyber attacks and the rise of Cryptocurrencies like Bitcoins.

The Massachusetts based company found that the market for ransomware on dark web soared to $6.24 million years to date, compared to just $249,000 in 2016. This clearly suggests a 2500% increase demand for the malicious software on the dark web.

Carbon Black suggests that ransomware is now available as service kits which can sell for a little of 50 cents to $3000, and have an average price of $120. The report released by the security company also predicts that the market for ransomware carries an enormous return for hackers in the long run.

According to FBI’s recent findings, ransomware payments made in 2016 amounted to $1 billion, up from $24 million in the previous year. Remember, this is just an estimate and the true number can easily go beyond the mark of $1 billion as most of the ransomware payments go unreported.

The survey conducted by Carbon Black suggests that over 6,300 vendors of ransomware exist on the dark web, with more than 45,000 listings. The study adds in its report that all these vendors do online business where anyone can buy the said malicious software for just $1 which can either lock up a smartphone or a PC/server.

Researchers of Carbon Black suggest that the surge in ransomware is due to the influence of Crypto Currencies. As they are the most preferred mode for ransom payments- all due to their skyrocketing values in the International Market.

Hence, the rise of digital currencies like bitcoins and ether, and the increased usage of anonymous browsers like TOR, which obscure IP addresses while browsing is also helping the ransomware market to flourish.

As a result of the maturity of these innovations, the underground ransomware market is seeing an economic raise which is on par with the commercial software industry- which offers development, support, distribution, quality, assurance and even help desk.

Have any suggestions on how to curb ransomware spread in coming year..?

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Naveen Goud is a writer at Cyber Security Insiders covering topics such as Mergers & Acquisitions, Startups, Cyber Attacks, Cloud Security and Mobile Security