Blogs & Articles: Ransomware is a major trend: evidence 🔗 7 years ago

After the ransomware attacks of today, in which it appears at least 50,000 systems (including those of UK’s NHS, Santander & Caterpillar) were affected by a worm demanding Bitcoin as ransom, I thought of compiling some resources which build the case that ransomware is a growing trend disrupting digital business as usual in a major way, and, in turn, a source of growing inelastic demand for Bitcoin.

Here’s the story of what is happening today (click to read tweetstorm):

Tuur Demeester on Twitter

1/ So the NSA developed backdoors, which have morphed into malware, now fueling a global ransomware carpet bombing (57,000 attacks today). https://t.co/Q94J7R1vce

After 2015 generated revenues of $25 million in Bitcoin for ransomware attackers, the year 2016 was the breakthrough year for the malignant technology:

Tuur Demeester on Twitter

@SonicWALL report: #Ransomware attacks have grown by a factor of 167. From 4 million attacks in 2015 to 638 million attacks last year.

Tuur Demeester on Twitter

@DoctorLex @desantis 3,700 attacks per day, 26% in the US. Last 12 months, 50% of US businesses was victim of a ransomware attack.

Tuur Demeester on Twitter

The FBI estimates ransomware revenues at $1 billion for 2016, growing every quarter. Huge game changer on many levels. https://t.co/BGxC26rVil

Tuur Demeester on Twitter

Total Ransomware Money Paid to Attackers by Businesses 2015: $24 million 2016: $850 million

Some more information about who is targeted and how often they get hurt:

Tuur Demeester on Twitter

Ransomware attacks are the most prevalent in the healthcare and financial services sectors.

Tuur Demeester on Twitter

@TuurDemeester 78% of ransomware attacks hurt people personally, 6% of the time it results in lost revenue for the company.

The attacks persisted in 2017:

Tuur Demeester on Twitter

Ransomware attack: Austrian 4★ Hotel pays €1,500 in Bitcoin to hackers. IT system frozen, 180 guests locked in/out. https://t.co/7nIxjJzYc6

Tuur Demeester on Twitter

Big data precedent? Faced with $4k ransomware demand, police dept refuses to try and recover 8 yrs of bodycam video. https://t.co/VD1SZzlm5t

Tuur Demeester on Twitter

Days before Trump's inauguration, 66% of D.C.'s CCTV capacity was down due to #ransomware attack. Police didn't pay. https://t.co/ZWs6CSQQ9N

Given the high sophistication, growing market share in the malware space, and its rising attack frequency, I think it’s apt to refer to ransomware hacking as a fast evolving, disruptive cybercrime industry:

Tuur Demeester on Twitter

Bitcoin fueled malware now 5% of total malware incidents. Locky encrypts your data and demands ransom, bitcoinminer secretly mines bitcoin.

Tuur Demeester on Twitter

Introducing: ransomware-as-a-service. (yes, imo this could push bitcoin prices up) https://t.co/UkBYg2qm1q

Here’s how I see ransomware in the big picture:

Tuur Demeester on Twitter

Bitcoin ransomware attacks are the viruses that will beef up the internet's immune system. #encryption #decentralisation

In the medium term, I only see the attacks increase in intensity, and I see the phenomenon as a driver of demand for Bitcoin:

Tuur Demeester on Twitter

Possible cause of high interest in "how to buy bitcoins": spike in #ransomware attacks. HT @massimochi

If you wake up with your system affected by a ransomware attack, pay a visit to nomoreransom.org, a website dedicated to helping victim of this crime.