What is the Difference between Ransomware and Extortion?

Cybercrime doesn’t just happen in the movies, it happens in real life as well. Anyone can be the victim to the same. Nowadays, companies are very much vulnerable to ransomware and extortionware. They may sound similar, but they both have their own differences. This article discusses the same.

What is ransomware?

It is a type of malware that can lock a computer system unless and until the victim pays the hacker for the key code in order to unlock the device. This is the most common form of cybercrime. Many cyber criminals tend to stay low key and steal the data without any notice, ransomware is quite the contrary. The extortioner usually asks for payment in Bitcoin or any other method which is hard to be traced. Apart from the loss of initial payment, security concerns like ransomware can also cost you time, image, and productivity.

What is cyber extortion?

Extortion is asking for goods, services or payment so as to keep the violence or destruction of property at bay. Many cyber criminals level up by asking for more money before they hurt anyone. This is a virtual form of paying for security service where these extortionists primarily tell you to pay them or your system will be locked by them. They may threaten to harm you, your image or your property if you don’t pay heed to their demands. This type of cybercrime may take many forms. For example, they may send loads of traffic with the help of a bot, overwhelm the website with more requests it can manage or just shut it down.

What is cyber blackmail?

The blackmailers use the fear and shame in order to motivate the victim. In cyber blackmail, these criminals will claim that they have been inside your system, have taken a few screenshots of your most embarrassing pictures or searches and have recorded a shady video of yours with the help of the webcam. They will also threaten you to send these media files to every person in your contact list or post them on social media if you don’t pay up. It’s plain cyber blackmail. It is a form of threating that involves sharing your personal or sensitive information to the third party unless and until the blackmailer is paid or a demand is met. Many hackers tend to target children. Apart from individuals, these criminals also threaten the businesses. They claim to have stolen data from the company and they threaten to divulge it unless paid off. There are many instances where the hackers are simply buffing to have claimed the data.

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