New Delhi, June 13 (IANS): US-based network security company FireEye on Monday revealed a sharp spike in cyber attacks aimed at extortion, marked by an increase in ransomware attacks, in India.

FireEye found that ransomware detections in India rocketed by a factor of 292 in February 2016 over November 2015. 

Ransomware is a type of malware that renders the victim's computer or specific files unusable and demands a ransom from the victim in return for a cryptographic key which can be used to restore the computer or decrypt the encrypted files. 

Online virtual currencies are preferred methods of payment because they are not easily traceable, the company added.

The success of prolific ransomware families such as CryptoWall has provided a blueprint for aspiring ransomware developers, showcasing increasing profit margins and campaign sustainability. 

FireEye Threat Intelligence observed CryptoWall generate illegal gains of USD one million over a six-month period in 2015.