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2.3.1.7 Ransomware

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One reason for the decline in cryptocurrency may have been the growth of ransomware, and as the gangs involved in this switched to payment methods that are easier for victims to use. By 2016–17, 42% of ransomware encountered by US victims demanded prepaid vouchers such as Amazon gift cards; 14% demanded wire transfers and only 12% demanded cryptocurrency; a lot of the low-end ransomware aimed at consumers is now really scareware as it doesn't actually encrypt files at all [1746]. Since 2017, we've seen ransomware-as-a-service platforms; the operators who use these platforms are often amateurs and can't decrypt even if you're willing to pay.

Meanwhile a number of more professional gangs penetrate systems, install ransomware, wait until several days or weeks of backup data have been encrypted and demand substantial sums of bitcoin. This has grown rapidly over 2019–20, with the most high-profile ransomware victims in the USA being public-sector bodies; several hundred local government bodies and a handful of hospitals have suffered service failures [356]. During the pandemic, more hospitals have been targeted; the medical school at UCSF paid over $1m [1482]. It's an international phenomenon, though, and many private-sector firms fall victim too. Ransomware operators have also been threatening large-scale leaks of personal data to bully victims into paying.

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