The surge in mobile threats primarily stemmed from a boom in a specific type of malware called "Ransomware."
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Mobile Ransomware is a type of malware that locks users out of their device until they pay a ransom, and is usually spread by downloading software masquerading as something else.
One notable type of Ransomware called ScarePackage poses as an Adobe Flash update or as a anti-virus app and when downloaded it locks the user out of their device.
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While infecting people with Ransomware may be more complicated than using other types of malware, hackers are increasingly adopting this method of attacking mobile devices because the payout can be big, said Kevin Mahaffey, Lookout's co-founder and chief technology officer.
"It all goes back to monetization, what's the endgame? While it can be complicated it can generate a huge amount of money," Mahaffey said. "The bad guys aren't stupid and they wouldn't do this if they weren't making money."
Mahaffey said that cybercriminals will sometimes demand as much as several hundred dollars before unlocking the device.