The volume of ransomware attacks has increased over the years. It is ranked among the top malicious tactics cybercriminals employ to get to their victims and is expected to cause$265 billionin annual damages by 2031.
With almost every computing device needing the internet to function these days, an end to this form of attack may not be in sight - but understanding the dangers of ransomware is a step in the right direction to protect you and your sensitive information. Ransomware attacks can be targeted at individuals, enterprises, or government bodies. Most ransomware attacks aim to get hold of your sensitive information and deny you access to the information unless a ransom is paid.
What is ransomware?
Ransomware is malicious software or malware that cybercriminals use to encrypt your files or lock you out of your computer to hold your data hostage. Once your files are encrypted, the attackers typically demand a ransom, usually in cryptocurrency like Bitcoin, in exchange for the decryption key to unlock your files. In most cases, the attacker mounts psychological pressure on you by sending threatening messages with countdown timers, all geared toward pushing you to pay the ransom quickly. If you refuse to pay or cannot pay, you risk losing access to your important data permanently.
Being a victim of a ransomware attack often leaves you with high levels of anxiety and stress during and even after the attack. The uncertainty of whether to pay the ransom, the fear of permanently losing valuable data, and the pressure to make quick decisions can be emotionally overwhelming. You may fear using your computers or online services because of the risk of being hacked. You may also become overly cautious and paranoid about opening emails or downloading files, which can lead to a heightened sense of mistrust in digital environments.
How does ransomware work?
Malicious actors send malware in the form of fake software downloads or through malicious email attachments. Clicking on this infected attachment or running the infected software will automatically install ransomware on your computer. Ransomware implementation might differ from one variant to another, but they all adopt the same processes to attack your computer:
What are the different types of ransomware?
Ransomware attacks are mostly financially motivated, but they differ in the technique used in hacking. The following are different types of techniques:
How you can protect yourself from ransomware
To avoid losing files to cybercriminals or data theft, you’re able to install security software like anantivirus solutionand also pay close attention to the following measures:
