Ransomware: Protect your data and your money from this cyber threat
Ransomware is a type of malicious software or malware. Cybercriminals use it to invade a victim’s system and encrypt the files, which makes the data inaccessible to the victim. The fraudster then demands a ransom payment in exchange for restoring access to the victim.
How ransomware attacks typically work
A victim unknowingly downloads ransomware onto their computer or leaves their system vulnerable to attack by clicking links or attachments in phishing emails, downloading infected software or apps, visiting compromised or deceptive websites, or using outdated software.
The ransomware infiltrates the system and silently spreads, encrypting data files such as personal documents, photos, and financial records. The encrypted files can only be unlocked with a unique decryption key — held by the fraudster.
A ransom note is sent to the victim, often displayed directly on the screen. The note demands payment in exchange for the decryption key and threatens permanent data loss if the victim doesn’t comply.
The financial consequences of ransomware attacks
- Direct Financial Loss
The immediate monetary cost is the ransom itself, but paying it doesn’t guarantee the fraudster will provide the decryption key, restore the files, or stop demanding payments. - Indirect Financial Loss
These include secondary financial implications like data costs, related to the loss of important financial documents, and recovery costs, including the costs of system restoration, data recovery, and new enhanced security measures.
Tips for protecting yourself from ransomware
- Click with caution.
Be cautious when opening emails or clicking on links, especially from unknown sources. - Stay informed.
Keep up to date with the latest ransomware threats and how they are distributed. - Implement anti-malware measures.
Regularly back up your important files to a secure, offline location, install reputable antivirus software, and enable automatic updates so your operating system and software are the most secure versions. - Secure your accounts.
Create strong passwords with 15 or more characters and use a mix of upper- and lowercase letters, numbers, and symbols. Use multi-factor authentication whenever possible.
