What is Ransomware & how does it work?

What is ransomware? Learn more about ransomware, how it works, and how you can protect yourself and your business from this type of cyberattack. Ransomware is a type of malicious software, or malware, that threatens a victim by destroying or blocking access to critical data or systems until a ransom is paid.

How has ransomware impacted the banking industry?

While all organizations in all industries have experienced a dramatic rise in ransomware attacks, the banking industry has been especially hit hard. One report showed that in 2021, there was a 1000%+ increase in ransomware attacks against the banking industry.

What are the different types of ransomware?

There are two general types of ransomware. The most common type, called encrypting ransomware or crypto ransomware, holds the victim’s data hostage by encrypting it. The attacker then demands a ransom in exchange for providing the encryption key needed to decrypt the data.

What is a Locker Ransomware Attack?

Doxware is a form of crypto ransomware that encrypts and threatens to reveal a victim’s personal information publicly, usually with the goal to humiliate or shame them into paying the ransom. In a locker ransomware attack, a victim is locked out of their device and unable to log in.