The Dash Times: Shark Ransomware Showcases The Evolution of Cyber Crime

The ransomware business continues to grow, which is not particularly good news for cryptocurrency as a whole. The majority of ransomware attacks force users to pay a Bitcoin fee, which only contributes to the bad reputation cryptocurrency has. Shark, a new ransomware-as-a-service project, distributed the malware for free. However, affiliates need to pay a 20% service fee on every ransom payment.

Shark Developers User A Different Ransomware Business Model

The number of different types of ransomware continues to expand on a monthly basis. Most of these malware types can be purchased on the deepweb, for a slow as US$39. But Shark,a new type of malicious software, is doing things differently. By offering the source code “for rent” on a as-a-service model, the developers will pocked 20% of every successful Bitcoin payment.

Symantec was the first security firm to take notice of this ransomware, which is distributed through professional-looking websites. The malware uses fast encryption, and can be customized to suit the needs of individual criminals. Moreover, there is support for multiple languages, and antivirus will not detect the malicious code for now.

On the customization front, Shark lets users determine which file formats need to be encrypted. They can also set the ransom demand a slow or a shigh as they want, which is rather worrisome. Spreaders of this malware will receive email notifications whenever the payload has infected a system. Payments are made to the developers directly, who will then forward the remaining 80% to their customers.

What is rather interesting is how Shark seems to infect older versions of Windows. So far, no Windows 10 device has been attacked yet, although that situation may change at any given moment. As is the case with any form of ransomware, payment to restore file access has to be made in Bitcoin.

Symantec research indicates advanced cyber crime groups are now deploying ransomware as a way to increase their revenue. This is a worrisome evolution, as the internet criminals are using the same strategy as legitimate organizations. There is no one person doing all the work. Instead, ransomware becomes a matter of networking, associates, partners, and resellers.

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Cross Post From Our Blog Wrriten by JP | Original: Shark Ransomware Showcases The Evolution of Cyber Crime