The IT services security industry and international law enforcement have joined forces to actively detect and respond to ransomware cases around the world. This is one of the reasons why we believe ransomware will subside in the latter half of this year. The IT security industry and international law enforcement agencies will crack down on cyber criminals who have duped organisations out of millions of dollars worldwide.

The concept of ransomware was first demonstrated in the early 1990s. When Bitcoin was introduced and used for the first time by the CryptoLocker ransomware family in 2013, it opened the door to anonymous ransom payments, shielding attackers from being caught. The “pioneer” creators of ransomware such as CryptoLocker and CryptoWall came from the world of banking Trojans and were very experienced on how to run a successful cybercrime operation. They quickly learned important lessons and have been able to rapidly adapt and change either their infrastructure or code as soon as business slows down. These are the groups that will continue in the ransomware business and seek new ways to make profits. Currently, we face many smaller, less sophisticated groups who are attracted by the revenue generated by the organised groups.

IT services predicts ransomware will remain a very significant threat until the second half of 2017. Ransomware-as-a-service, custom ransomware for sale in dark markets, and creative derivatives from open-source ransomware code will keep the security industry busy through the first half of the year. Ransomware’s impact across all sectors worldwide will force the security industry to take decisive actions. We predict that initiatives like the No More Ransom! collaboration, the development and release of anti-ransomware technologies and continued law enforcement actions will reduce the volume and effectiveness of ransomware attacks by the end of 2017.

Since 2014 IT services has seen an increase in reported ransomware cases and it is about time the community, industry and government took a stand to address and fight back against cyber criminals. The security industry has started developing tools and functionality to assist companies when battling ransomware. During Black Hat USA 2016, Intel Security’s advanced threat research team demonstrated ransomware proof-of-concepts aimed at IoT devices, including one that targets a vehicle “infotainment” system, allowing the ransomware to control the car’s brakes and starter until the ransom is paid. The advanced threat research team is focused on the future of threats and industry cooperation to create awareness and mitigate these ransomware threats at an early stage. As a managed IT services provider we are pleased to see action finally being taken at government level.

This should hopefully unearth the source(s) of the cyber criminals who continue to extract large sums of money from organisations around the globe. IntelliTeK are always up to date with the latest threats to networks and computers which is why we only partner with the best in the industry. If your company isn’t fully equipped to fend off cyber criminals, then get in touch with us so we can discuss your options. Call us on 1300 768 779, email us at info@intellitek.com.au, fill out the web form, or have a Live Chat with us below.