Symantec says that Ransomware spreaders are demanding a minimum of $1000

    A recently compiled Symantec report suggests that on average hackers are demanding a minimum of $1000 to decrypt a database targeted with ransomware. And just to remind you the latest demand is almost 3 times more than what the hackers demanded last year  I.e $295 in 2015.

    According to other estimates prepared by the researchers of Symantec, the total revenue gained through ransomware is said to have touched the magic figure of $1 billion last year. This year, it can easily double up due to the low-cost availability of ransomware-as-a-service.

    Some cyber crooks are also ready to easily customize their demands based on the victim. They can either lower the demand to decrypt files or demand more after the initially demanded ransom is deposited in their e-wallets in the form of digital currency.

    As per the Symantec report released last week, a number of ransomware families tripled last year as a 36% of the rise was witnessed in malware attacks. However, the ability to detect the ransomware is said to have decreased on a dramatic note- all due to the sophisticated methods adopted by the ransomware developers.

    The research also figured out a fact that out of the 34% of ransomware victims who paid the ransom on a global note, half of the said percentage are from the United States alone.

    Fueling the situation is the ever-increasing craze for Internet of Things (IoT). Symantec researchers predict that the new craze will soon act as a honey pot to ransomware spreaders who will try to exploit the flaws in IoT and harass the victims to pay a ransom.

    In the 77 page report compiled by Symantec on ransomware and its spread, it was noted that one in 131 emails contained malicious links or attachments.

    More details will be updated shortly!

    Note- Ransomware is a kind of malware which is induced by the hackers into a database to encrypt files. The hackers then demand ransom in exchange for the decryption key. Sometimes they turn up with the key as promised to the victim and in many cases, they either demand more or vanish with whatever digital currency is paid to them by the victims on an initial note.

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

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