What is WannaCry?

The world has gone paranoid since last months ransomeware attacks in Europe. Banks and Hospitals transactions have been shut-down do to a soficticated piece of malware called WannaCry. “WannaCry” is a software package when ran on a out-of-date Windows machine it encrypts all of the file on that computer or computer network. The only apparent solution is to pay a ransome to the authors. Is paying the only solution or is there something that could have been done beforehand to prevent this?

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