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United Kingdom is the cash cow for cyber criminals, here’s why

According to the news, almost eighty-five percent of British companies which came under the attack of a malware campaign gave the payment to the cybercriminals in order to get their data back.

The average percentage of malware attacks around the world is almost fifty-eight percent, while the United Kingdom topping the list of the countries that would be most likely to pay the ransom amount.

According to a report by Proofpoint, a cyber-security company based in Sunnyvale, California; more than half of the businesses in the United Kingdom have been strained by malware attacks in 2021.

The report also revealed that phishing attacks were the main method used by the hackers for gaining access to the business network.

A phishing attack is carried out by a hacker in the form of a fake link through an email, when one of the employees/victims lured to click on the link by using a brand name such as Facebook etc, a harmful malware installs into the computer which assists the hackers in gaining the access to the firm’s network.

When a hacker gains access to the company’s network, they encrypt the important data and in return demands an amount in ransom in order to release the data, these types of attacks are also called ransomware attacks.

Negotiations with hackers are highly demoralized by the cyber security industry and the law enforcement organizations, but that has failed to stop infamous cases such as Colonial Pipeline where the company had to pay the hackers in bitcoin worth almost five million U.S. dollars just to get back to work.

Most of the firms that have been the victim of a ransomware attack have ended up paying the predators. The report also revealed that in half of these cases where the victims got their data back when they paid the amount while in other cases, the hackers demanded more money after the first payment.

Since phishing remains one of the most used methods of attack by hackers, companies are encouraged to build a better security system by Proofpoint.

The United Kingdom is called the cash cow for cybercriminals is an attack on the reputation of the law enforcement or the cyber security industry in the country.

Authorities are encouraging initiatives such as educating the public about the threat and its operations. Many hackers have been caught and revealed to build up hope in the hearts of the people as well as a better portal for such attacks.

Some suggest that paying the ransom to cybercriminals should be declared illegal to discourage the practice.

Read next: Mobile Cyberattacks Are Happening Less Frequently but Are Becoming More Effective

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