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Crypto Terms:  Letter R
Jun 19, 2023 |
updated Apr 02, 2024

What is Ransomware?

Ransomware Meaning:
Ransomware - is a specific malware that allows hackers to take control of or encrypt the documents of their victims in order to steal them and have them decrypted or reissued in exchange for a ransom.
2 minutes

Let's find out Ransomware meaning, definition in crypto, what is Ransomware, and all other detailed facts.

Ransomware is a type of virus that allows hackers to take control of or encrypt the documents of their victims in order to steal them for a ransom and have them decrypted or reissued as a result. Ransom payments can range from a few dollars to hundreds of dollars, and they are often made through digital currencies.

There are three main types of ransomware:

  • Scareware
  • Screen locker
  • Encrypting ransomware

Firstly, scareware programs work in a way of producing pop-up messages that supposedly inform you about a found malware in your device. They typically claim that if the user wishes to get rid of it, the only way is to pay a particular amount of capital.

Screen lockers, on the other hand, occur when users are locked out of their devices as a result of a hacker's actions. Targets get a notification from law enforcement agencies when their devices wake up indicating that criminal activity has been discovered on their devices or system and that a fee must be paid.

Encryption ransomware programs encrypt a user's data and offer them the option of paying or having their data stay encrypted. No security program or application is available that can decode an encrypted system or document.

Moreover, ransomware hackers primarily use Bitcoin as their main form of ransom payment that they demand from their victims.

Ransomware programs are able to gain access to devices or systems using several methods. The most popular method would be phishing schemes since these schemes are carried out by sending an email presented as the targets' trusted documents.

These emails are filled with infected attachments and links. So, when they are activated, ransomware programs take over the device. When this happens, hackers usually threaten their victims that they will either destroy, sell, or leak the data if the ransom isn’t going to be paid.