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Editorial

Cyber extortion

Earlier in the week, there were reports of a massive worldwide cyber-attack, orchestrated using what cyber security experts call a 'ransomware'. Wanna Decryptor or WannaCry is the 'ransomware' in the news now. Unlike malware and viruses, which are harmful pieces of software used to either steal data or stifle the functioning of digital devices, a 'ransomware' is a different and burgeoning form of cyber crime. For the uninitiated, a 'ransomware' is a type of harmful software designed to encrypt (block access to) all necessary files one may have on his/her system until a sum of money is paid. The WannaCry ransomware specifically exploits the weaknesses of antiquated Windows machines to encrypt most of their data and demands payment in Bitcoin currency for decryption. If the victim refuses to pay up, these cyber-criminals threaten to destroy all that data. "Several organisations (both public and private) in India use unlicensed versions of Windows and do not get updates and security patches from Microsoft. This leaves many of them exposed to ransomware attacks like WannaCry. The first wave of attacks was halted in the weekend, but a second wave that comes without a 'kill switch' that stopped the first could be equally if not more damaging," reports Medianama, a leading website dealing with information and analysis on Digital and Telecom businesses in India.

Cyber experts have said that the Indian banking system could be the next victim of the WannaCry 'ransomware' cyber-attack. Already struck by a serious data breach last year, one isn't sure whether these banks can resist a ransomware attack. Both the Centre and Reserve Bank of India must take charge of this situation, and banks must also step up and set up the necessary firewalls. Evidently, this 'ransomware' poses a significant threat to not just individual users, but small companies and large corporations alike. This 'ransomware' has already stricken institutions like Britain's National Health Service, Spanish telecommunications giants Telefonica and the Russian Interior Ministry.

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