Ransomware

Definition

What is Ransomware?

Ransomware is a type of cyber attack in which the attacker encrypts the victim’s files or locks them out of their system until a ransom is paid. Attackers often demand payment in cryptocurrencies, making it difficult to trace the transaction.

Ransomware attacks usually begin when the victim clicks on a malicious link or downloads a file containing the ransomware. Once the ransomware is installed, it begins to spread across the network and encrypt files, making them inaccessible.

The attacker then displays a message demanding payment in exchange for a decryption key to unlock the victim’s files.

Ransomware attacks can have a devastating impact on individuals and organizations, causing loss of productivity, financial damage, and harm to reputation. In some cases, paying the ransom may be the only way to regain access to encrypted files, but this is not always guaranteed and may encourage further attacks.

Another phase of the attack, known as “Double Extortion,” involves the attacker exfiltrating the organization’s files before encrypting them and threatening to publish them if the ransom is not paid.

It is important to note that there are laws and regulations regarding cyber attacks in general and ransomware in particular, which may include a ban on paying attackers, reporting obligations, and other laws depending on the organization’s legal and regulatory compliance requirements.

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