And it keeps getting worse…
A widespread outbreak of a sneaky, file-encrypting piece of ransomware called Cryptolocker has many people talking. One very important question raised by Cryptolocker’s success to date: Should you ever pay a ransom to a cybercriminal?
Sophos security expert James Lyne, head of global security research at Sophos, went on cable network CNBC to explain how the criminal gang behind Cryptolocker is demanding a ransom in return for unlocking a victim’s files. In the video embedded below, James explains why you might not want to pay up, even if it means losing your valuable data.
According to James, the Cryptolocker thieves appear to be honoring their pledge to decrypt your files in exchange for a payment, but copycat criminals aren’t likely to be so “honorable.” He also explains how demanding a ransom in bitcoins allows the Cryptolocker gang to take in millions of dollars worth of payments that are very difficult to trace.