Ransomware is software which aims to encrypt either some files or a whole device to extort the end user to pay a ransom to unencrypt the files or device.
In most cases the device and or data will be made unusable without a payment.
National Cyber Security Centre (NCSC):
Ransomware is "Malicious software that makes data or systems unusable until the victim makes a payment".
Ransomware is "A type of malware that is a form of extortion. It works by encrypting a victim's hard drive denying them access to key files. The victim must then pay a ransom to decrypt the files and gain access to them again".
Ransomware is a type of malware from cryptovirology that threatens to publish the victim's data or perpetually block access to it unless a ransom is paid. While some simple ransomware may lock the system so that it is not difficult for a knowledgeable person to reverse, more advanced malware uses a technique called cryptoviral extortion. It encrypts the victim's files, making them inaccessible, and demands a ransom payment to decrypt them. In a properly implemented cryptoviral extortion attack, recovering the files without the decryption key is an intractable problem – and difficult to trace digital currencies such as paysafecard or Bitcoin and other cryptocurrencies are used for the ransoms, making tracing and prosecuting the perpetrators difficult.
Ransomware attacks are typically carried out using a Trojan disguised as a legitimate file that the user is tricked into downloading or opening when it arrives as an email attachment. However, one high-profile example, the WannaCry worm, traveled automatically between computers without user interaction.
Starting from around 2012, the use of ransomware scams has grown internationally. There were 181.5 million ransomware attacks in the first six months of 2018. This record marks a 229% increase over this same time frame in 2017. In June 2014, vendor McAfee released data showing that it had collected more than double the number of ransomware samples that quarter than it had in the same quarter of the previous year. CryptoLocker was particularly successful, procuring an estimated US$3 million before it was taken down by authorities, and CryptoWall was estimated by the US Federal Bureau of Investigation (FBI) to have accrued over US$18 million by June 2015.
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