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MN502 Overview of Network Security- Overview of Network Security Ransomware and its impact

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Students should be able to demonstrate their achievements in the following unit learning outcomes: b.Analyse and discuss common emerging threats, attacks, mitigation and countermeasures in networked information systems...

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Students should be able to demonstrate their achievements in the following unit learning outcomes: b.Analyse and discuss common emerging threats, attacks, mitigation and countermeasures in networked information systems

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Introduction:

There are growing malwares in the cyber world day-by-day. Ransomware is a type of harmful malware. Actually, Ransom ware is divided into two words ransom and ware. The word Ransom defined as “money that is paid in order to free someone who has been captured or kidnapped” (“ransom,” 2016) and ware defined as “was ware of black looks cast at me” (“ware,” 2016). Ransom ware defined as per O’Gorman & McDonald (2012), “a category of malicious software which, when run, disables the functionality of a computer in some way. The ransomware program displays a message that demands payment to restore functionality. The malware, in effect, holds the computer ransom.”(p. 2).So, Ransomware is a typical malware that encrypts victim’s sensitive files, financial data, business records, personal photos then demands payments from victim to decrypt the said files.   Ransomware has great impact on the society in the following ways,-•    The business, sensitive and proprietary information of individual as well as nation may loss temporarily and permanently.•    Regular monetary transactions from financial institutions are disrupted.•    For restoring sensitive files and system, heavy financial losses are involved.•    The victim’s organization may lose their reputation.Paying the amount does not ensure to release the victim’s encrypted files rather the attacker can receive victim’s banking details. On the other hand, decrypting files may not be fully recovered.This report discusses about the variants of ransomware, their working mechanisms, potential threats, recent attack and their mitigation tools.

Variants of Ransomware:The recent variants of ransomware can be discussed as below,-•    CryptoLocker:  This variant has come in 2013 and has closed on May 2014. It naturally affected to $3 million victims. Today, hackers are using the code for CryptoLocker and using this malicious code as Xerox and Kleenex as ransomware malware.•    CRyptoWall: After the shutdown of CryptoLocker, this variant has come in 2014. It has appeared as various names like CryptoBit, CryptoWall 2.0 and 3.0, Cryptodefence, etc. This malware naturally distributed via spam.

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