What is Ransomware?
Ransomware is malicious software created by hackers to infect a workstation or file server and encrypt all files so that they are unreadable. Soon after infection, the hacker(s) responsible demand a large sum of money to decrypt the affected files, effectively holding the infected system hostage until the ransom is paid. Many vicious ransomware infections add pressure by imposing a deadline for ransom payment. Depending whether the infected system belongs to a home user, a company or an institution, the ransoms can range from hundreds to thousands of dollars. Recent statistics from the US government show that ransomware attacks have quadrupled each year since 2013, averaging 4,000 per day. The University of Calgary paid out $20,000 for a June 2016 ransomware attack on their email server. Read More »