According to security experts, the ransomware is already on its way to infect more than 100 million computers.
The first wave of ransomware was first spotted by security firm Sophos in March, but security firm Symantec said the next wave is “on the rise.”
Symantec CEO Richard Alpert told the Financial Times the new wave will “probably” infect more computers by the end of the month.
The malware was developed by cybercriminals who “have no apparent interest in the cybersecurity of their targets,” according to a report by the Computer and Communications Industry Association.
The new wave is believed to be more sophisticated and more sophisticated than the first wave.
Experts believe it was designed to steal personal data, including passwords and other sensitive information, from victims.
The ransomware is designed to encrypt files on victims’ computers, then encrypts the files when it’s time to delete them, Symantech’s Alpert said.
Once a victim deletes the file, the virus can’t be removed.
Symantech said it has seen instances of people who’ve already been infected losing their data and their accounts being shut down.
The company also warned that victims who’ve received the ransomware have been given “no choice” but to pay the $1,000 ransom.
Symantscyptomatic said it is “working closely with local law enforcement and the FBI” to help identify and recover the victims of the ransomware.
“We will continue to work with our customers and partners to mitigate the risk of this new ransomware,” the company said.