Why are ransomware attacks on the rise?

The largest reason for the increase in these attacks, Morgan argues, is that more companies are choosing to pay the ransom to get their data back, and cybercriminals are taking note.

How is cryptocurrency used in ransomware attacks?

Only 8\% of victims who paid ransoms recovered all of their encrypted files. Most often, threat actors demand ransomware payments in cryptocurrency because this form of payment provides anonymity for the destination address associated with the ransom demand.

Why do ransomware attackers use Bitcoin?

The cryptocurrency is considered transparent and decentralized. In exchange, the hackers would disable encryption malware — so-called ransomware — that has rendered computer networks of around 1,500 companies worldwide unusable since then. …

What is Cryptocurrency ransomware?

Crypto-ransomware is a type of harmful program that encrypts files stored on a computer or mobile device in order to extort money. Crypto-ransomware essentially takes the files hostage, demanding a ransom in exchange for the decryption key needed to restore the files.

Why are crypto-malware ransomware attacks successful?

Ransomware continues to be successful because organizations don’t create a culture of defense or a sense of responsibility for data, their workforce isn’t equipped to stand up against cyber threats, the threats from malicious outsiders only persist, and proper security configurations are not implemented.

What is crypto malware?

Crypto-malware is a form of malware that enables a threat actor to carry out cryptojacking activity. While the process used by hackers is essentially the same as compared to that used by legitimate cryptominers, crypto-malware leverages another user’s devices and processing power to gain payment.

Are ransomware attacks increasing?

Ransomware was a significant threat to global organizations in the first half of 2021, but it was not the only one, according to a new Trend Micro report. The banking industry was disproportionately affected, experiencing a 1,318\% year-on-year increase in ransomware attacks in the first half of 2021.