A classification of a malware, a Ransomware’s primary goal is to convince victims to pay for a decryption ransom so as to recover their files that had been compromised. Payments are usually required through digital currencies. Amongst the preferred cryptos that a Ransomware demands are Bitcoin and Monero as they are hard to trace.
A Ransomware attack may disguise itself through different ways. On top of infecting and disrupting individual systems, this type of Malware is also able to breach businesses, banks, hospitals, airports, government agencies, and just about any company.
These Malware are constantly upgraded since its first appearance in 1989. While the simple formats are not necessarily encryption Ransomware, the more modern forms use cryptographic techniques to be able to encrypt victim’s files, rendering them entirely inaccessible.