Guest Column: Cyber extortion and ransomware are a growing cyber threat to businesses

The scenario sounds like a dramatic episode of ‘CSI Cyber’ but it is no fiction: cyber criminals are increasingly taking control of small to mid-sized businesses’ electronic files and data unbeknownst to the businesses owners by getting users to execute bad code placed on machines. A connection back to the attacker allows the encryption process to begin. The attackers then create a message which pops up on the users’ computer screens: Pay us $1,000 in bitcoin by (insert date) or we will delete your data. And they are serious – serious as a heart-attack. The businesses cannot conduct business until the ransom is paid. The good news? By most reports, the extortionists usually make good on their promises to unlock the data once the ransom has been paid. Usually, the ransom is a relatively low demand which is calculated to ensure the businesses elect to pay it and move on. For most organizations, it comes down to a business decision, with the CEO or other C-level executive pulling the trump card over the IT professional who are against payment.

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