Ransomware and Ransomware Attacks
Ransomware is a type of malicious software that encrypts files on a computer. It often demands payment in cryptocurrency in exchange for decrypting the files. While it can attack personal computers, businesses are also often targeted by this type of malware. Ransomware attacks can cause serious damage to a business’s reputation and systems.
Cybercriminals are increasingly turning to ransomware to make money. They target organizations that have the means to pay quickly, such as medical facilities, banks, and government agencies. For example, in 2021, the Colonial Pipeline was targeted by ransomware and forced to shut down its entire network, paying the attackers $4.4 million in Bitcoin. The company was able to restore part of its data after paying the ransom, and was able to recover some of the money. Criminals can also target law firms, and bank on the legal controversies that surround the attacks.
There are various types of ransomware, and some are more successful than others. For instance, Ryuk burst onto the ransomware scene in late 2018. It attacked American news publications and the Onslow Water and Sewer Authority in North Carolina. It is typically delivered through spear phishing emails or compromised user credentials. Once inside, Ryuk encrypts certain types of files that aren’t vital to the operation of a computer, and presents a ransom demand.
A ransomware attack can be devastating for both individuals and businesses. It is especially devastating to a larger organization, as ransomware can lock up the data on the device, preventing access to it.