Paragon was developed by a technician, named Topher, who was hired by Adam Newman and Ian Ward. It's sole purpose was to for Ian and Adam to get revenge on Victor Newman, Ian and Topher, hid in an RV while Adam snuck into Victor's office and uploaded the virus into his computer. Topher then activated Paragon on Ian's orders.
Ian was mainly in control of the virus and would constantly use the virus to wreak havoc on Newman Enterprises. Adam eventually regretted Paragon, and tried to shut it down. Even after Ian was apprehended, no one, not even Kevin Fisher was able to stop the virus.
Ian used the Paragon virus, coupled with a frayed wiring, to start a fire. This use also has a red devil's face as an avatar. After the top of Newman Enterprises was destroyed, it was assumed Paragon was no more, but it resurfaced attacking Jabot Cosmetics as well. Victor Newman and Phyllis Abbott tracked down Ian, and he claimed that he wasn't controlling Paragon this time.
Adam Newman spent months designing this computer virus, it can hack into any computer system, give whoever is using it root access to any server. Once the virus has been release, it cannot be stopped, as confirmed by Adam himself; their are no loopholes or backdoors in this computer virus.
Paragon was able to manipulate the sales of Chelsea 2.0 and illegally sell off Newman subsidiaries online. If those companies were purchased online, it would expose the buyer's computer to the virus as well. Paragon assisted on starting the fire that destroyed Newman Towers.