What It Means When We Say Malware vs. Ransomware
What is malware, and what is ransomware? Each term is widely used in the media due to the ever-increasing attacks from cybercriminals, but these words are sometimes used interchangeably when they are quite different in the havoc they cause.
Malware Devastates Lives In A Variety of Ways
Malware uses software to disrupt the normal function of a computer, server, or network in order to gain unauthorized access, deprive users of access to those systems, capture files, and leak private information. There are multiple types of malware, including viruses, trojan horses, ransomware, spyware, and others. In fact, over 268,000 new malware variants were detected in 2020, which increased 74% from 2019, when 153,909 “never-before-seen” malware variants were recorded.*
Cybercrime using malware was predicted to inflict damages totaling $6 trillion globally in 2021, which would make it the world’s third-largest economy after the U.S. and China. Cybersecurity Ventures expects global cybercrime costs to grow by 15% yearly over five years, reaching $10.5 trillion annually by 2025.*
Ransomware Is A Specific Type Of Malware
Ransomware is a nasty software infection that takes control of a computer and restricts users’ access until a ransom is paid. Ransomware variants extort money from victims by displaying an on-screen alert stating that the system has been locked and files encrypted. Ransom demands can be astronomical and must be paid in virtual currency, like Bitcoin. Even after paying significant ransoms, there’s no guarantee the hackers built a working decryption process. Most victims are left with nothing after sending thousands of dollars.
Ransomware is spread through phishing emails containing malicious attachments or a scam known as “drive-by downloading” when users unknowingly visit an infected website. Typically, the infection takes place behind the scenes without the user’s knowledge.
Not Just Devastating For Individuals
Ransomware does not target home users exclusively. Corporate cyberattacks are becoming more and more common, and there is evidence that hackers now target new and inexperienced employees to take over the entire corporation. Businesses infected with ransomware experience all sorts of problems:
Permanent Loss of Sensitive or Proprietary Info
Long-Term Disruption to Regular Operations
Financial Ruin
Potential Damage to Reputation
Ransomware Instills Fear To Make Victims Pay
Hackers deliberately cause panic in victims to make them quickly click on a link or pay a ransom. Some of the intimidating messages displayed by cybercriminals include:
“Your computer has been infected with a virus. Click here to resolve the issue.”
“Your computer was used to visit websites with illegal content. To unlock your computer, you must pay a $500 fine.”
“All files on your computer have been encrypted. You must pay this ransom within 72 hours to regain access.”
Defense Strategies Against Malware
Most people choose to install antivirus software and firewalls to protect their devices. However, malware is now designed to evade antivirus detection algorithms. Others feel confident in making regular data backups of critical files to the cloud. But as we discussed in the “Not Your Typical Cloud Storage” blog, a computer’s cloud infrastructure is a treasure trove of valuable assets and, therefore, a growing target for cyberattacks. This is where Sollensys can help.
The Sollensys Blockchain Archive Server™ (BAS) is a digital vault to store impenetrable copies of the digital assets you value most. When your files are uploaded, fragmented, and distributed across the blockchain network, hackers cannot overwrite, delete, or encrypt any files secured in that vault. Your data essentially does not exist in any tangible form. No chance of losing your “secure” backups means that hackers can encrypt and ransom whatever they want, and you will always have secure copies of the things you need and love.
Learn More: https://sollensys.com/ransomware-recovery
https://cybersecurityventures.com/cybercrime-damage-costs-10-trillion-by-2025/