Sophos expert talks about Cryptolocker and bitcoin ransom on CNBC (Video)

A widespread outbreak of a sneaky, file-encrypting piece of ransomware called Cryptolocker has many people talking. One very important question raised by Cryptolocker’s success to date: Should you ever pay a ransom to a cybercriminal?

Our security expert James Lyne, global head of security research at Sophos, went on cable network CNBC to explain how the criminal gang behind Cryptolocker is demanding a ransom in return for unlocking a victim’s files. In the video embedded below, James explains why you might not want to pay up, even if it means losing your valuable data.

According to James, the Cryptolocker thieves appear to be honoring their pledge to decrypt your files in exchange for a payment, but copycat criminals aren’t likely to be so “honorable.” He also explains how demanding a ransom in bitcoins allows the Cryptolocker gang to take in millions of dollars worth of payments that are very difficult to trace.

Watch the CNBC video below (Flash required).

How to stay safe from Cryptolocker

Sophos protects our customers against Cryptolocker and other ransomware threats. Watch the video created by our Support team to learn more about how Cryptolocker works, and what happens when Cryptolocker infects a computer.

You can also download our recent whitepaper on ransomware (registration required).

Keep up with SophosLabs

SophosLabs researchers are some of the best minds in the industry. To keep all of us safe, they share their findings with other researchers around the world, through technical papers and presentations at conferences, such as the VB2013 conference in Berlin last month.

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