The rise in ransomware attacks has led to a rise in cyber extortion scams, in which criminals demand payment in exchange for not releasing or destroying sensitive data.
Scamnews.info reports that these attacks typically target businesses, healthcare organizations, and government agencies, encrypting their data and making it inaccessible.
The scammers then demand a ransom, often in cryptocurrency, threatening to leak the data or permanently delete it if their demands are not met.
The surge in ransomware-driven extortion has prompted businesses to invest heavily in cybersecurity measures, including data backup, encryption, and employee training.
Governments are also stepping up efforts to combat the threat, with law enforcement agencies collaborating internationally to track and apprehend cybercriminals.
However, the anonymous nature of cryptocurrency transactions and the global reach of these attacks make it difficult to eradicate the threat completely, leaving many organizations vulnerable to future extortion attempts.