Ransomware is a type of malicious software that encrypts a user's data and then demands payment, usually in cryptocurrency, to decrypt it. If a business's assets are affected by ransomware, this may have implications for its financial and asset records.
Crypto ransomware, also known as cryptomalware, is a type of malware that encrypts data on a victim's device and demands a ransom in order to restore access to the encrypted files. It is a form of cyber-attack that can target both individuals and businesses. Crypto ransomware is often distributed through the ransomware-as-a-service model, where attackers provide the malicious software to other individuals who carry out the attacks.
Ransomware attacks typically involve the encryption of files stored on a computer or mobile device, rendering them inaccessible to the victim. The attackers then demand a ransom, often payable in cryptocurrency such as Bitcoin, in exchange for providing the decryption key. Cryptocurrency is favored by ransomware attackers due to its decentralized nature, which makes it difficult to trace and enables anonymous transactions.
The use of cryptocurrency in ransomware attacks has become increasinglyprevalent in recent years. Bitcoin, in particular, has been the preferred choice for ransom payments, accounting for approximately 98% of such payments. The anonymity and ease of use provided by cryptocurrencies have made them attractive to cybercriminals, facilitating the monetization of their malicious activities.
CryptoLocker: CryptoLocker was one of the most notorious crypto ransomware strains. It emerged in 2013 and infected numerous computers, encrypting files and demanding payment in Bitcoin for decryption.
