Estimated reading time: 4 minutes
History
The History of ransomware? What are the significant differences between them and viruses?
Originally, in the early days of personal computing, software was distributed either as commercial software or from public domain libraries. Therefore, floppy disks were used to spread computer viruses. Sneakernet was the term given to someone who would bring you a virus on a floppy disc. They would walk it to you wearing their sneakers, hence the nickname.
After that, the internet became mainstream. Unfortunately, this excellent new service, which you used to write e-mails, browse websites, and join clubs, also enabled viruses to spread even more rapidly. Remember the early days there was no online banking and e-commerce was in its infancy.
Now we have computer viruses
Before anyone knew what happened, we had the massive “Howdy” Virus. These attacks were only a couple of decades ago, circa 2000. Then, anti-virus software makers were scrambling against each other for customers. Their software had to detect the latest Viruses by using “signatures,” which was tedious to maintain. Lucky for us, ransomware did not yet exist. Therefore the history of ransomware has not begun.
During this time, virus writers used the macros in popular office programs to write viruses embedded within documents. Unfortunately, this meant that computers could also be at risk from infection by opening documents with hidden attached macros.
The problem with computer viruses is they are very effective at destroying your computer or files. Whereas this model was very naughty, there was no monetary gain for the criminals. These crooks that wrote viruses wanted to make money. So they had to evolve somehow, But how?
Along Comes Ransomware
What is ransomware and how does it work?
Ransomware is a type of malicious software that infects computers.
For example, cybercriminals held the victim’s data or system hostage until the victim paid a ransom. Ransomware variants were observed for several years. These often attempt to extort money from victims by displaying an on-screen alert.
Ransomware, in its early form, started in the late 1980s. An AIDS virus encrypted user files and asked them to send payment to a PO box in Panama. As you can see, the problem with encrypting your files and asking you to pay for their release via the postal service is not an easy or very profitable technique for collecting money.
In the wake of the 2009 global financial crisis, an exciting new technology was born – blockchain. The first crypto coin, Bitcoin, used this new electronic ledger in 2010. This cryptocurrency was now a game-changer altering everything. In this new world of electronic currency, cyber crooks now have an untraceable way to take your money and run. So more and more people started hearing about Bitcoin; it was not long before it became more popular.
The History of Ransomware and the Blockchain
This new model of collecting untraceable payments from users is now easily accessible from those victims who may have had encrypted data or systems files or a combination of the two. In addition, electronic Wallets that hold this new cryptocurrency are anonymous. However, there is still a problem with this. Bitcoin payments are often accessible for technical cybercriminals to set up and collect. However, the general computer population does not find it easy to pay using this new-fangled coin.
Remember, these were the early days of crypto. We now take things for granted, like mining crypto and trading them like stocks. It simply did not exist in these early times.
You needed a Ph.D. to be part of this new world. Like most criminals, ransomware writers took to this like ducks to water. These attacks became more and more sophisticated. Around 2014 a famous worldwide attack called CryptoWall started to hit and spread like wildfire within companies and educational institutions. Other notable ransomware attacks included wanna cry in 2017.
https://en.wikipedia.org/wiki/WannaCry_ransomware_attack
The table below illustrates how much money people gave to ransomware attacks. These are reported figures and, much like icebergs floating in the water, are estimates. Of course, the True cost will be much higher, but do demonstrate how attacks are increasing in numbers and complexity.
2015 $325 Million USD
2017 $5 Billion
2018 $8 Billion
2019 $11.5 Billion
These are staggering increases over a few short years. Yet, I hear people say there is nothing I can do about this problem; there are some basic foundation precautions as part of your approach.
The History of Ransomware? Are Viruses now gone?
In short, Cybercriminals rely on users not being prepared. What Follows is panic, then people pay the ransom. Most importantly, using simple steps to protect yourself can be as easy as not carrying your US social security card in your wallet. Furthermore, using a wallet that provides RFID protection, similarly locking your house front door.
When you practice good habits, they become second nature.