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Malware is a short form for malicious software. It is software developed by cyber attackers with the malicious intent of gaining access or causing damage to a computer or network. Malware includes viruses, worms, adware, spyware, ransomware and other varieties. All of this mentioned sub-software generally aim to damage, destroy, or steal data, take control of computers, and aid in criminal activities. Cyber-attacks and the harm they cause can be very detrimental to business organizations, as they are not limited to just the immediate control and eradication of threats. It also involves operational costs, loss of revenue from downtime and recovery solutions that will escalate costs, not to mention the presence of intangible costs such as reputational loss.
The Different Types Of Malware
Malware is a general term for malicious software having other units under it. However, listed below are the most common and popular kinds of malware, and the ones your systems are most likely to be infected with. Virus: Generally, many people wrongly refer to all malware as a virus, but in real terms, a virus is just one, even though a very common and popular kind of malware. A virus is a malware that possesses the capability to duplicate itself. Ransomware: Ransomware became one of the most powerful and common forms of malware in the past couple of years because it encrypts all the files on a computer and demands a ransom before it is unlocked.Sign up to the Connect Nigeria daily newsletter
Trojan: The Trojan horse is a form of malicious software that often disguises itself as a legal or authentic tool or a flash download that tricks the user into installing it so it can carry out its malicious goals. Gradually digital banking Trojans are evolving at a rapid pace in this digital era, because a majority of the population are using mobile banking or net banking through their mobiles. Therefore, hackers are focusing on stealing the user’s confidential information by interrupting the user’s communications for financial fraud.
Impact Of Malware On Business Organizations
Malware has proven to be of severe threat to any enterprise or business organization as it has the ability to break into the security infrastructure of a network/system, thereby posing several security issues to the business. Some of the impacts on business growth include:- Disrupts the flow of services: Malware has the capacity to break into the network of an organization directly or indirectly and disrupt the business operations. In some other cases, they can also disable significant services offered by the company, which leads to huge business losses.
- Access and retrieval of personal identity and information: Through interactive platforms, such as emails or online downloads, malicious software can enter into your system and try to collect personal information. This damage is carefully carried out by malware through running a background check and recording every activity carried out by your organization such as your browsing history and application you use. Malware typically takes control of your business device without user permission and can filter out important business data, client data, user IDs, passwords, bank account details and even personal data, without any knowledge of the user.
- Monetary extortion: If the malware makes its way through the organization’s cyber security, there is a high possibility that money extortion will be carried out. Malware carries out this act by effectively freezing the organization’s access until they pay up a certain requested amount of money. This type of attack is evolving and of major concern to various business sectors, especially the banking sector, as many financial transactions are carried out there.
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