New computer virus holds files for ransom

A nasty virus called CryptoLocker is going around, and it could cripple your computer.

A form of ransomware, CryptoLocker is gaining popularity on the Internet because it holds files on your computer hostage. Some computer experts are saying this is one of the worst viruses they have ever seen.

The malware is spread through phony emails that are designed to look like they are from a legitimate business. Some appear as fake UPS or FedEx tracking notifications. Once opened, the virus installs itself in the “Documents and Settings” folder, scans the hard drive and encrypts certain files, including documents associated with Microsoft Word.

The program then launches a pop-up window with a 100-hour countdown and a demand the computer owner pay a ransom to get access to their files again. The ransom money ranges from $100 to $300.

If the user does not pay up, the key to decode the files is deleted. Advanced software security companies say there is no way for them to retrieve the files once they have been encrypted.

The hackers that spread the virus cover their tracks by demanding payment in Bitcoins, a digital currency designed to be as anonymous as cash.

Security experts are encouraging businesses to ramp up their backup procedures. Have a backup strategy so, if data is hacked, it won’t be lost forever. Also, they say, make sure your data security tools are up-to-date to detect and prevent possible threats.

The best way to protect yourself is to follow basic e-mail safety procedures. Do not open an attachment unless you know where it is from and you are expecting it.