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iboss Explores the Growing Ransomware Threat For Corporations

BOSTON, MA / ACCESSWIRE / May 21, 2018 / Since the inception of the internet, cybercriminals have been relentless in their pursuit of evolving methods to evade security measures and increase effectiveness. The rise of ransomware over the last several years presents an unprecedented threat to all businesses and entities, whose assets provide an attractive incentive to thieves looking to seize control of their data and networks. iboss, provider of the first and only distributed gateway security platform, discusses the increasing risks towards corporations in regards to this seemingly invincible form of malware, and what they can do to minimize exposure going forward.

Ransomware is defined as any malicious software with the ability to steal data and files from not only computers and smartphones, but also servers and any connected devices, which can include everything from smart home technology to voice assistants. Once the data has been breached, the perpetrators then encrypt the victim's files, demanding a payment in order to restore access. While this scenario was initially developed by targeting unsuspecting individuals, iboss points out how this quickly moved to larger entities who not only had more sensitive data, but also more resources, leading to higher ransom demands. Some notable examples early on include a police department in Massachusetts, a church in Oregon, schools in South Carolina, and also medical centers in California and Kentucky.

Cybercriminals have now transformed data theft into an industry of its own, making millions of dollars as activity continues to rise, and even selling malware products for others to use. ''There are more than 150 variants of the malicious software, which can be inexpensively purchased on the dark web,'' notes security expert Rebecca Holder. ''Ransomware suppliers are making annual incomes of over $100,000 selling crimeware as a service (CaaS) software. Those purchasing it are making that much and more themselves.'' The issue has worsened exponentially in recent years, with corporate losses predicted to exceed $5 billion in 2017, up from $325 million in 2015, according to Cybersecurity Ventures editor Steve Morgan.

The current effectiveness of ransomware resides in its complete anonymity, which has been aided by the advent of cryptocurrencies such as bitcoin, the new preferred payment of cybercriminals -- mainly due to its own anonymous, untraceable nature. This makes full-on prevention of attacks the most feasible method to secure a corporation's network and data, as opposed to being completely beholden to demands after a breach. Companies can avert and mitigate malware infection threats by using appropriate back-up and detection, along with extensive prevention systems, and also training their employees to use discretion towards emails, attachments, and websites they aren't familiar with.

Architected for the cloud, iboss' Secure Web Gateway platform provides an elastic, architecture that provides security through the cloud to secure any user, location or device regardless of where its located while eliminating the cost and latency associated with appliances. Backed by over 100 patents, the groundbreaking technology protects over 4,000 organizations worldwide, making iboss one of the fastest growing cybersecurity companies in the world.

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SOURCE: iboss

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