Beware of Ransomware! What Is It, and Who Should Be Worried?

You have probably seen those movies where criminals take over a plane and demand that their comrades be released from prison, or they will blow something up, or they take over a subway car and demand millions of dollars for its release, or else.

You’ve seen those movies: “Airforce One,” “Die Hard,” and “The Taking of Pelham of 1-2-3.” Hollywood loves thrillers, and those movies are pure fiction.

In today’s world, criminals have taken a cue from Hollywood, taking over business networks and demanding millions of dollars. In these cases, the “or else” involves releasing valuable data on the Internet, freezing the business out of its network for a long time, or corrupting all the data.

In 2023, more than $1 billion was extorted from businesses and organizations due to ransomware attacks.

Today, cybercriminals keep attacking while companies scramble to stay protected, which may seem nearly impossible. All businesses (and organizations) are targets, but large companies with more to lose and more money to pay a ransom (if it gets that far) are prime targets.

What a Ransomware Attack Does to an Organization’s Network.

Businesses today must fight off ransomware attacks on their networks, just as business locations must have gates, locked doors, cameras, and security guards to keep criminals out of their stores and warehouses.

Are consumers safe from ransomware? Yes, but not from similar scams.

Consumers are pretty much immune from ransomware attacks primarily for two reasons:

Ransomware attacks strike businesses that cannot afford to disrupt their services for their customers or lose income due to downtime.
Scammers and hackers have other ways of extracting money or information from individuals, primarily through investment and romance scams.

However, there are similar situations that affect consumers that are similar in some respects to ransomware.

The tech-support scam.

In this ruse, a message appears on an individual’s screen stating that their computer has been infected with a virus and that action must be taken immediately.
Typically, the scammer persuades the victim to pay for instant online tech support to prevent the virus from shutting down their computer.
In the worst case, the scammer talks the victim into downloading software that infects their computer and gives the scammer-hacker access to the victim’s computer, files, and network.

Fake tech support is one of the top online scams that thousands of consumers fall victim to yearly. (Want to know what the Top Ten Online Scams Are? Click here. It will take you to our sister website, EasyPrey.com)

The family emergency or “grandparent” scam.

This crime doesn’t involve computer takeovers but demands a payment or ransom to help a family member escape a dangerous situation.
Typically, a criminal calls a parent, impersonating one of their children. The message could be like this: “Mom, it’s me, Katie! Please help me! I’ve been kidnapped, and they want you to send money!” This scam also targets grandparents quite effectively.
Criminals today even use Artificial Intelligence to imitate a son’s or daughter’s voice exactly. The scammers use social media apps to learn children’s names.
Parents are then directed to send as much as $10,000 to help free their kids, which is a total scam.

Computer viruses (Yes, they still exist).

Perhaps 20 years ago, hackers would spread viruses to make life miserable for new computer users. That’s changed, primarily thanks to anti-virus software, much of which is now built into browsers. Still, viruses pose a problem:

Threats and viruses have evolved. They are more purposeful today and can be designed to steal data in the background while the user is unaware of what’s happening.
Worst of all for consumers, sophisticated viruses (software) can steal login IDs, banking account numbers, and other valuable personally identifiable information (PII) from consumers.

How to protect your data? Maintain strong walls of defense.

Households, businesses, individuals, and entrepreneurs must always be alert to ransomware attacks on their computers and networks.

Small businesses should not expect to be safe because they’re not big companies or targets. In some ways, they are easy prey for hackers. Why? Because criminals assume that a small business probably does not have the resources to protect its systems from a sophisticated attack.

Online threats, computer viruses, hidden malware, and fake but effective scams can still target consumers. It’s all the same stuff: the cybercrime of today’s digital world.

Follow the Easy Prey podcast to learn more.

You can hear technology experts and cybercrime fighters share their insights on the Easy Prey podcast, hosted by Chris Parker, CEO of WhatIsMyIPAddress.com. Choose from over 200 podcast episodes on topics ranging from ransomware and hacks to artificial intelligence and romance scams.

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