
Most of us are conscious of the fact that viruses, or malware (malicious software), can corrupt our computers and devices. Malware is constantly changing and adapting to become more difficult to detect. Scammers are finding new ways to infiltrate your system and take advantage. One of the newer and more dangerous forms of malware is ransomware. You might be asking, what is ransomware?
Ransomware is a form of malware that is used to encrypt your most important files so that you cannot access them. In order to remove the encryption, thieves will require that you pay a ‘ransom’. These ransom payments are often required to be paid using Bitcoin or other anonymous cryptocurrency. In 2019, ransomware cost Americans approximately $7.5 billion in losses. During the pandemic, ransomware has increased by a whopping 715%. Ransomware is generally targeted at businesses, but individuals are also at risk.
In short, ransomware is popular because it is successful. Thieves will encrypt your most important files which leaves you with no way to access them. This leaves you two options: pay the ransom or lose access to the files for good. Many businesses or individuals will simply pay the ransom in order to get the ordeal over with. Thieves are able to coerce you into giving them money instead of having to actually steal it.
Ransomware is scary because all it takes is one wrong click and you could be in a world of hurt. What is ransomware? Hopefully, one answer to that question is: “Something you never have to experience.”