How to avoid Cryptocurrency Scams

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A crypto virus is a type of ransomware virus like Locky or Cryptowall that encrypts files on a compromised computer and demands a ransom in return for a decryption code.

Crypto virus attacks are on the rise, with as many as 4,000 attacks each day and more than $1 billion in ransom paid each year, as estimated by the U.S. government. Crypto virus attacks are usually initiated when a user clicks a link in an email for a malicious website or opens a malicious attachment that appears to be an invoice, shipping notice, a fax report or a Word document. Once the crypto virus is launched, it encrypts a large number of files on a user’s computer or on servers, hard drives and other storage devices throughout the organization.

The cost of a crypto virus is much higher than the ransom paid to regain access to files – the loss of productivity and potential loss of data also adversely affect the bottom line.

To protect against ransomware, you need a multi-layered approach that focuses on preventing attacks as well as mitigating the effect of successful crypto virus attack. That’s where Mimecast comes in.