These types of malware could lock you out and cost you big money. (Photo credit: FLY:D)
Ransomware is a type of malware designed to encrypt a computer, locking the user out of the computer or network completely. The attacker then demands a ransom to restore access to the system. These types of attacks have been carried out against individuals, companies, schools and even hospitals. In 2020, Cybersecurity company BlackFog estimated that “a business is attacked by a cybercriminal every 11 seconds” with a total estimated cost of $20 billion by 2021 (source).
Victims are often required to pay the bad guys in cryptocurrencies such as Bitcoin. “Once they have the Bitcoins, it’s simply a matter of ‘washing’ them via the Dark Web (a process which removes all traces of previous ownership and transactions) and the hackers can then convert the coins to cash” (Eurostaff).
Crypto-malware is similar to ransomware, with the main difference being that crypto-malware locks out the user from personal files but still leaves the operating system functional. The bad guys leave the OS running so that they can present a message to you demanding the ransom payment.
In either case, there are some steps you can take to help prevent these types of attacks:
Keep OS, software, and virus protection up to date on the latest version
Avoid opening emails or attachments from unknown senders
Avoid suspicious websites and links
Keep your data backed up routinely on an offline drive
These are just a few ways to keep you safe from ransomware and crypto-malware. It’s up to you to stay informed and stay vigilant!