What is Ransomware?

Computers across the world were locked up and user’s files held for ransom when dozens of countries were hit in a cyberattack that targeted hospitals, companies and government agencies. Malware is a general term that refers to software that’s harmful to your computer. Ransomware is a type of malware that essentially takes over a computer and prevents users from accessing data on it until a ransom is paid.

How computer is infected - In most cases, the software infects computers through links or attachments in malicious messages known as phishing emails. The software usually is hidden within links or attachments in emails. Once the user clicks on the link or opens the document, their computer is infected and the software takes over. Ransomware, like the name suggests is when your files are held for ransom. It finds all your files and encrypts them and then leaves you a message. If you want to decrypt them, you have to pay.

How it works - The ransomware encrypts data on the computer using an encryption key that only the attacker knows. If the ransom isn’t paid, the data is often lost forever. When the ransomware takes over a computer, the attackers are pretty explicit in their demands. In most cases, they change the wallpaper of the computer and give specific instructions telling the user how to pay to recover their files. Most attackers demand between $300 and $500 to remove the malicious ransomware; the price can double if the amount isn’t paid within 24 hours. Law enforcement officials have discouraged people from paying these ransoms.

How to avoid it - Users should regularly back up their data and ensure that security updates are installed on your computer as soon as they are released Up-to-date backups make it possible to restore files without paying a ransom. Users should also look for malicious email messages that often masquerade as emails from companies or people you regularly interact with online. It’s important to avoid clicking on links or opening attachments in those messages, since they could unleash malware.

Bitcoin – The Digital Currency

It’s worth more than an ounce of gold right now. It’s completely Digital and it’s the currency of choice for the cyber attackers who crippled computer networks around the world in recent days. When the attackers' "ransomware'' sprang into action, it held victims hostage by encrypting their data and demanding they send payments in Bitcoins to regain access to their computers. Bitcoin has a fuzzy history, but it's a type of currency that allows people to buy goods and services and exchange money without involving banks, credit card issuers or other third parties. 

How Bitcoins work – Bitcoin is a digital currency that is not tied to a bank or government and allows users to spend money anonymously. The coins are created by users who ‘mine’ them by lending computing power to verify other user’s transactions. They receive Bitcoins in exchange. The coins also can be bought and sold on exchanges with U.S dollars and other currencies.

Why are Bitcoins popular? - Bitcoins are basically lines of computer code that are digitally signed each time they travel from one owner to the next. Transactions can be made anonymously, making the currency popular with libertarians as well as tech enthusiasts, speculators and criminals.

Is it really anonymous - Yes, to a point. Transactions and accounts can be traced, but the account owners aren't necessarily known. However, investigators might be able to track down the owners when Bitcoins are converted to regular currency. For now, the three accounts tied to the ransomware attack appear untouched and it'll be difficult for perpetrators to cash in anytime soon without getting traced. 

Who's using bitcoin? - Some businesses have jumped on the bitcoin bandwagon amid a flurry of media coverage. Overstock.com accepts payments in bitcoin, for example. The currency has become popular enough that more than 300,000 daily transactions have been occurring recently, according to bitcoin wallet site blockchain.info. A year ago, activity was closer to 230,000 transactions per day. Still, its popularity is low compared with cash and cards, and many individuals and businesses won't accept Bitcoins for payments. 

How Bitcoins are kept secure? - The bitcoin network works by harnessing individuals' greed for the collective good. A network of tech-savvy users called miners keep the system honest by pouring their computing power into a Blockchain, a global running tally of every bitcoin transaction. The Blockchain prevents rogues from spending the same bitcoin twice, and the miners are rewarded for their efforts by being gifted with the occasional bitcoin. As long as miners keep the Blockchain secure, counterfeiting shouldn't be an issue.

How bitcoin came to be - It's a mystery. Bitcoin was launched in 2009 by a person or group of people operating under the name Satoshi Nakamoto. Bitcoin was then adopted by a small clutch of enthusiasts. Nakamoto dropped off the map as bitcoin began to attract widespread attention. The currency obeys its own internal logic.