Cyber Security

Crypto ransomware is an inevitable growing threat used by cybercriminals to hold data hostage until a ransom is paid. This type of ransomware makes files inaccessible, impacting personal and business data.

These attacks are getting more sophisticated, hence the importance of understanding how crypto ransomware works and how to protect against it.

Ahead, we have compiled everything you need to learn about this dangerous malware and the steps you can take to stay safe. Read on!

What is Crypto Ransomware?

Crypto ransomware is a malicious software type designed to encrypt a victim’s files, making them no longer accessible.

Cybercriminal groups then demand a ransom, typically in cryptocurrency, to get the decryption key needed to restore the related access.

This method has gained popularity because cryptocurrency allows for anonymous transactions. This sly method makes the attacker harder to trace.

Crypto ransomware primarily targets businesses, governments, healthcare institutions, and individuals as long as they have valuable data.

The impacts? It ranges from financial loss to permanent data destruction if the ransom isn’t paid.

In 2023, Russian-speaking ransomware groups made 69% of all ransomware profits, totaling over $500 million. This highlights the need to stay aware and safeguard your data to avoid such costly attacks.

For a detailed understanding of how ransomware works, visit our guide on ransomware.

Crypto-ransomware Attacks

Let’s break down how crypto-ransomware attacks actually work.

Crypto-ransomware attacks usually start with malware sent through phishing emails, malicious websites, or sketchy downloads.

The victim opens an attachment or clicks a link, unknowingly activating the ransomware on their device.

Once installed, the malware scans the system for valuable files.

These files are then encrypted using an algorithm that makes them inaccessible without the decryption key.

During this process, the user often remains unaware until it’s too late.

After encryption, a ransom note appears, demanding payment—usually in cryptocurrency—for the decryption key.

If the ransom isn’t paid within the given timeframe, the data may be lost forever or exposed publicly.

What are the Differences between Crypto Ransomware and Crypto Malware?

While both involve cryptocurrency, crypto-ransomware and crypto malware—also known as cryptojacking—refer to different types of malicious software. Here are the main differences:

Crypto Ransomware

• Purpose: Encrypts files and demands a ransom for the decryption key.
• Impact on Files: Blocks access to your important files.
• Victim’s Experience: You know you’re under attack because of the ransom demand.
• Financial Gain: Makes money by forcing you to pay a ransom.
• Speed of Impact: It locks files immediately.

Crypto Malware

• Purpose: Hijacks your system to mine cryptocurrency without locking files or alerting you.
• Impact on Files: It doesn’t lock files but uses your system resources in the background.
• Victim’s Experience: You might not even realize it’s there as it silently uses your system.
• Financial Gain: Gains by mining cryptocurrency using your computer’s power.
• Speed of Impact: Slowly drains your system resources over time.

Encryption Methods for Crypto Ransomware

Crypto ransomware locks files using advanced encryption, making them inaccessible.

Here’s a rundown of the most common methods:

• Symmetric Encryption: It utilizes a single key for both locking and unlocking files. It’s quick but relies on the secrecy of one key, often used with other techniques for better security. Examples include Salsa20, RC4, and AES encryption. 
• Asymmetric Encryption: More commonly used in modern ransomware, this uses two keys: a public key to lock the data and a private key to unlock it. The attacker keeps the private key, so you can’t access your files without paying the ransom. This method adds complexity, making it harder to break. Examples include RSA encryption and ECDH.

These methods make it nearly impossible to access encrypted files without the key, often leaving victims with no choice but to pay the ransom.

Examples of Crypto Ransomware

There are many notable crypto ransomware groups launching attacks worldwide. Some well-known cybercriminals are:

• Black Basta
• BianLian
• LockBit
• Alphv/BlackCat
• NoEscape
• Play
• Royal
• 8Base
• CL0P
• Medusa
• CryptoLocker
• REvil
• Conti/Ryuk
• Hive
• Maze
• Petya
• Bad Rabbit
• WannaCry

Frequently Asked Questions

Conclusion

Crypto ransomware is a serious threat that keeps evolving, using encryption to hold files hostage and extort money from victims. These attacks can devastate an organization’s functioning ability by locking important data until a ransom is paid.

Once the encryption is complete, victims face the tough choice of paying up or losing access to crucial files.

To protect against this growing threat, focus on prevention methods like regular data backups and strong cyber defenses.

So, do you need expert help in securing your digital assets? Contact Fluxgate cybersecurity professionals to protect your data from ransomware attacks and other cybercrime.