Ransomware is not a new phenomenon but for cybercriminals it has become a popular technique to use. In a ransomware attack, cybercriminals block access to a business or individual’s computer system and hold data hostage until a ransom is paid. Here, cybercriminals have just one goal - to receive payment from the victim. Even if the victim is able to pay the ransom, there is no guarantee the criminal will provide the decryption key to release the data.
Recently, ransomware attacks have become significant threats to corporations, cities, and even nations. In the third quarter of 2019, the average ransomware payout increased to $41,000, a 13% increase from the second quarter. Also in 2019, 55% of SMBs paid cybercriminals to recover their stolen data. If nothing else, 2019 proved that ransomware is still a profitable business for cybercriminals and it will continue to get worse.