Ransomware attacks can be regarded as the dark side of the ongoing technological revolution. Ransomware encrypts files, so that people can no longer access their data and demands payment for decrypting the files. These hackers often use bitcoin as a payment method. While bitcoin transactions are open, transparent and secure as every transaction is recorded on the blockchain, darknet makes it difficult to trace these transactions, making it a preferred choice for criminals and terrorists.

Threat researchers at PhishMe Inc., the leading provider of human phishing defense solutions, expect ransomware attacks to increase. The company has issued the warning while releasing its April Cybercrime Alert. It said that cybercriminals are becoming increasingly aware that

• Ransomware is readily-available and changes faster than detection technologies can respond
• In most cases, paying the ransom is the only way to free hostage data and systems
• Recent successful ransom situations will only encourage more attempts
• Cryptocurrencies such as Bitcoin can be used to force untraceable ransom payments
• Humans are widely susceptible to phishing, the most commonly used ransomware attack vector

"2016 is quickly shaping up to be the 'year of the ransomware attack,' which is not surprising, given the current state of information security and how organizations approach their overall defensive strategies”, said Rohyt Belani, PhishMe CEO and co-founder ."The combination of cryptocurrency, an increase in world-wide data connectivity, poor backup procedures, and employees who are ill-equipped to help defend against phishing attacks has led to the perfect storm for ransomware to succeed”.

PhishMe has observed that hackers are now increasingly targeting businesses and government agencies as they employ unbreakable ransomware strains, including: Cryptowall, TeslaCrypt, Locky, Cerber, Troldesh and CTB-Locker. It said that phishing email is the most widely-used attack vector.

The most high-profile ransomware attacks the industry has experienced lately include OS X, Hollywood Presbyterian hospital, Plainfield, and MedStar.

PhishMe suggests various measures that could reduce an organization's odds of falling victim to ransomware including conducting phishing attack simulations, based on real-world threats, that condition employees to recognize malicious emails; assessing employees' susceptibility to phishing attacks; providing employees with easy, fast and effective ways to report suspect emails to SOC teams and incident responders; taking appropriate backup of data and other such measures.

“By conditioning employees to recognize and report phishing threats, PhishMe asserts that organizations can build an effective final layer of defense against phishing attacks and ransomware”, it said.