FINANCIAL SELF-DEFENSE – Beware of WannaCry Ransomware
On Friday, May 12, an unprecedented Trojan virus spread like wildfire through the internet, creating enormous damage and loss. The WannaCry ransomware attacked 57,000 computers in more than 150 countries in less than a day. As its name implies, ransomware works by holding a victim’s data under “ransom.” The virus encrypts the files on an infected computer and holds those files hostage unless the victim pays a ransom, in which case the files are promised to be returned undamaged.
What happened
The WannaCry virus demands a payment of $300 in exchange for decrypting infected files. Suppose the victim doesn’t give up the money within three days, though, the ransom doubles to $600. If a full week goes by without payment, WannaCry deletes all of the files, which are gone forever.
On Saturday, 22-year-old security researcher Marcus Hutchins became an instant hero when he registered a domain name within the virus’ code in an attempt to track its spread, unintentionally slowing its progress.
Unfortunately, though, Hutchins’s actions did not completely halt the virus. By Monday morning, more than 200,000 systems across the globe were reportedly infected. European countries got hit the hardest. Many large companies had to close their doors for several days, as were banks, hospitals, and government agencies.
As of now, no one is sure who’s behind the virus. However, most experts believe a group known as “The Equation Group” utilizes a code written by the National Security Agency to exploit flaws in Microsoft Windows and create the virus.
There is no fix for WannaCry, though cyber-security experts are working on decrypting infected files. If your computer is infected, it’s best not to pay the ransom. Instead, restore backup files to your computer or seek help from a professional specializing in restoring lost data. Paying the ransom doesn’t guarantee the return of your files, and it encourages attackers to infect your computer again.
As always, the best way to protect yourself is to be proactive.
Here are five steps you can take to keep your computer safe from WannaCry and other ransomware:
Create a backup of your files
If you haven’t already done so, invest in an external hard drive and make regular backups of your data. This drive will protect your files if anything happens to your computer, saving you time, money, and stress.
You can also subscribe to a cloud backup service and regularly upload your most important data. You can use multiple free cloud services, such as Google Drive, Apple iCloud, or Dropbox. They will store your valuable data (to a size limit) without charging you a penny.
Patch your Windows with Microsoft’s fix
Upon discovering that WannaCry spread through Microsoft Windows’s weakness, the software giant released a fix for the vulnerability. Protect your computer from this virus and other ransomware by using the update to strengthen your computer’s code.
Update your operating system
While the discovered weakness in Windows now has an appropriate band-aid, no one knows if scammers can exploit other flaws for another virus. It’s essential to update your OS to the most recent version, preferably Windows 10, as soon as possible. The more updated your software, the less likely it is to contain vulnerabilities that can be abused.
Use a firewall
A strong firewall will prevent ransomware from accessing your computer and guard your online activity. No program or malware can enter your system without your full consent.
Malware is always evolving
Since malware is always evolving, it’s essential to regularly update your firewall to ensure protection from the most recent viruses and malware. You can purchase a firewall or utilize Windows’s available security measures, regularly checking for updated versions.
Avoid suspicious websites and emails.
It’s too easy for hackers to infect your computer. All they need is for you to click on a flashing banner ad on your favorite shopping site and – oops! Malware is on your computer and now has access to your entire computer and files.
Alternatively, following a link on a random email can infect your computer and destroy all your data. When browsing and checking your emails, always be on guard. Never visit suspicious-looking sites or click on any ads that look shady. Don’t download anything you can’t explain, and never click on links found in emails from people or companies you do not know. A little bit of caution goes a long way toward protecting your computer.
No one knows when WannaCry ransomware will stop circulating the web, but it always pays to be careful. Once you’re infected, restoring your data can be stressful, time-consuming, and costly. Taking steps to protect yourself, though, is painless and straightforward. Implementing the ideas detailed above will help keep your computer safe from this and any other ransomware looking to make a buck off your carelessness.
Better to be smart and safe than sloppy and sorry! What security measures do you take to protect your computer from viruses? Please share your best tips with us in the comments! If you like this post, check out our other posts on our MoneySmart Tips Blog.
