Understanding Online Threats: Malware and Ransomware

You’ve probably heard that the Central Bank of Barbados has launched BiMPay, a national instant payment system that will allow users to send and receive money within seconds, regardless of where they bank, or even whether they have a traditional bank account. The introduction will bring with it an increase in people conducting their financial affairs electronically, including those who are new to doing transactions online.

While the system was developed with robust security features, there will always be unscrupulous actors who attempt to take advantage of unsuspecting people. So, the Bank enlisted the help of Anthony Harris, President of the Information Systems Security Association (ISSA) Barbados Chapter, to explain some common online threats and how to protect yourself from them. In a previous article, he explained phishing. Now, he discusses two more: malware and ransomware.

What is malware? And what is ransomware?           

Malware is harmful software that can infect your devices, steal data, or cause problems, often sneaking in through bad downloads or suspicious emails. Types include viruses, trojans, and spyware.

Ransomware is a type of malware that locks your files and demands money to unlock them.

How do these attacks occur?               

Malware attacks usually happen when you download something unsafe, click on a suspicious link or email, or visit a compromised website. The malware sneaks onto your device and can start causing problems without you even noticing. That’s also how the ransomware gets in and locks your files.

What are the consequences of a successful attack?

A successful malware attack can steal your personal info, mess up your files, or slow down your device. It can also spread to others through your contacts.

If a ransomware attack succeeds, you can lose access to your files, and the attacker will demand money to unlock them. Even if you pay, there’s no guarantee you’ll get your files back, and your personal info could still be at risk.

What should I do if I fall victim to a malware attack?

If you think your device has been hit by malware, disconnect it from the internet, run a trusted antivirus scan, and follow its instructions to remove the threat. Change your passwords, especially for important accounts, and keep an eye on your financial statements for anything unusual. If needed, get help from a tech professional.

And if I fall victim to a ransomware attack?

If you’re hit by ransomware, also disconnect your device from the internet right away to stop it from spreading. Don’t pay the ransom, since there’s no guarantee you’ll get your files back. Instead, contact a tech professional for help, report the attack, and see if you can restore your files from a backup. Regular offline backups are a key prevention.