What is Ransomware?

Ransomware is a particular type of malware that cybercriminals use to prevent a user or company from accessing their files or even network. The main difference here is that these hackers use the threat of either leaking, destroying, or withholding this vital information unless a ransom is paid.

A ransomware attack can specifically target a computer system, also known as locker ransomware, or devices, such as crypto-ransomware. In either of these cases, a unique key or tool is used to unlock the device after the cyber-criminals receive the ransom. Although in there’s never a guarantee that every case will have a happy ending.

These cyberattacks have costs, and they’re only rising year over year. From 2020, ransomware attacks went from $312,000 per incident. While incidents in 2021 rose to $570,000, that’s a staggering 83% increase in one calendar year.

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