A new cyber threat has hit at least two Winnipeg businesses. It's called Cryptolocker, a virus that can wipe out your computer’s hard-drive in a matter of minutes.
It sends attachments through email or social media, usually disguised as a family member, friend or co-worker.
Once opened, it encrypts your files, placing them in the hands of criminals who demand payment - usually a few hundred dollars - to retrieve them.
IT specialist Glenn Kemp says two local businesses he works with recently got hacked by the virus. He calls it a form of online extortion.
“This is purely about holding files for ransom to generate money," he said.
The criminals want payment in the form of online currencies such as Bitcoins, which don’t exist physically and are not regulated by a bank.
Internet security expert Michael Legary says cyber crimes involving Bitcoins have exploded in the past few months because anyone can use them and the transactions are hard to trace.
"A Bitcoin has a secret key that only you know. And if you do not provide it to law enforcement, they can't seize the asset, and it becomes very difficult to get it otherwise."
Kemp said he was able to retrieve his client's files, but only because they were backed up. He says anyone could be at risk of being targeted.
“Thousands of photos could be encrypted within minutes. Chances are those are, photos of over years with your family, you will never get back," he said.
Kemp advises against paying off the criminals because the Cryptolocker software is still on your computer, leaving you open to being hacked again.
To protect yourself, Legary says make sure your anti-virus software is up-to-date and your firewalls are working. Legary says it’s also a good idea to keep a back up of all your files on a device separate from your computer.
