RANSOMWARE

About: 

• Globally, losses from ransomware attacks known as “WannaCry” and “NotPetya” rose by 60% last year to $8 billion, according to data compiled by the Internet Society’s Online Trust Alliance. 
  
  
• Earlier this year, services in the U.S. cities of Baltimore and Maryland were paralysed when a ransomware attack locked up computer networks.  
  
  
• Officials refused to meet hacker demands for a ransom of $76,000 to unlock the systems, but have been saddled with an estimated $18 million in costs of restoring and rebuilding the city’s computer networks. 
  
  
• The dilemma in such cases highlight tough choices faced by cities, hospitals and corporations hit by ransomware. While the security agencies warn against paying ransoms, some analysts say there is no clear answer for victims when critical data is locked.