Published: Fri, May 19, 2017
Hi-Tech | By Ellis Neal

Ransomware Cyber Attacks Wreck Havoc Globally, India Escapes Major Damage

Ransomware Cyber Attacks Wreck Havoc Globally, India Escapes Major Damage

Chinese media pinned some of the blame for the massive global cyberattack that affected more than 300,000 computers over the weekend on the United States.

It is a malicious piece of software, and it blocks access to computers until you pay the money.

Computer giant Microsoft said the attack, which has affected hundreds of thousands of computers, should serve as a wake-up call. In 2015, Microsoft got $9 million in a year from the Navy for continuing the Windows XP support.

In a blog post, Smith argued governments have opted to hoard software vulnerabilities for offensive purposes but did not inform technology companies about the vulnerabilities.

The company also reiterated a call it made earlier this year for an global agreement among states to shield civilians and corporate noncombatants from hacking. Since the attack, Microsoft has released a highly unusual Windows XP update.

The malware attack began on Friday which encrypted data on infected computer systems and would hold "ransom" the data until the victim paid via Bitcoin to recover the data. Users are also advised to back up valuable data regularly, either to cloud services or to another disk drives, an not click on suspicious links or attached files. It essentially relies on victims clicking on or downloading the attachment, which causes the program to run and infect your computer with ransomware. Computers with an out-of-date version of Microsoft Windows were appeared to have been hit especially hard.

The China Education and Research Network, which operates under the Ministry of Education, said 66 out of 1,600 Chinese universities were affected, mainly due to operating systems not being regularly upgraded rather than any major security shortcomings in university systems.

For a full description of ransomware and how it can be stopped, see here. The market for insurance against such attacks is expected to triple to $10 billion by 2020, Bloomberg News reports. "Flaws in a single Microsoft product, service or policy not only affect the quality of our platform and services overall, but also our customers' view of us as a company".

Lawrence Abrams, a New York-based blogger who runs BleepingComputer.com, says many organizations don't install security upgrades because they're anxious about triggering bugs, or they can't afford the downtime.

The market capitalisations in five of the biggest cybersecurity companies ranked on the PureFunds ISE Cyber Security Exchange, known as HACK, rose to $5.9bn yesterday.

"Neither home users nor office users are good in taking data backup".

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