Crypto Ransomware

Crypto ransomware is a type of malicious software (malware) that encrypts files on a victim's computer or network, rendering them inaccessible, and demands a ransom payment in cryptocurrency, typically Bitcoin, to decrypt the files and restore access. It's a form of cyber extortion where attackers hold the victim's data hostage until they pay the demanded ransom.

Example:

Let's consider a hypothetical scenario where a small business owner, Sarah, falls victim to crypto ransomware. One day, Sarah's employees start reporting that they are unable to access important files on the company's server. When Sarah investigates, she finds that the files have been encrypted with a message displayed on the screen demanding payment in Bitcoin to decrypt the files.

The message provides instructions on how to make the ransom payment and typically includes a deadline, threatening to permanently delete the files if the ransom is not paid within the specified time frame. Feeling desperate to regain access to the critical business data, Sarah decides to pay the ransom, which can range from a few hundred to thousands of dollars depending on the attacker's demands and the extent of the encryption.

After making the payment, the attackers provide Sarah with decryption keys to unlock the encrypted files, allowing her to restore access to the company's data. However, even after paying the ransom, there's no guarantee that the attackers will fulfill their promise, and there's always a risk of data loss or further attacks in the future.

Cases:

• WannaCry: In May 2017, the WannaCry ransomware spread rapidly across the globe, infecting hundreds of thousands of computers in over 150 countries. It targeted computers running Microsoft Windows operating systems by exploiting a known vulnerability. WannaCry encrypted files on infected systems and demanded ransom payments in Bitcoin to unlock them.
• Petya/NotPetya: In June 2017, another major ransomware attack occurred, initially thought to be a variant of the Petya ransomware but later referred to as NotPetya. It primarily targeted organizations in Ukraine but quickly spread to other countries, affecting numerous businesses worldwide. NotPetya encrypted files on infected computers and demanded a ransom payment in Bitcoin for decryption.
• Ryuk: Ryuk is a sophisticated ransomware strain that emerged in 2018 and has since been used in numerous targeted attacks against organizations, particularly in the healthcare and finance sectors. It is often distributed via phishing emails or by exploiting vulnerabilities in network infrastructure. Ryuk encrypts files and demands large ransom payments, often ranging from hundreds of thousands to millions of dollars, in Bitcoin.