Extortionware: What makes it different from ransomware?

You may have heard of ransomware, a malicious program that locks your devices and online accounts in exchange for a sum. However, this cyber threat has a new form: extortionware.

As the name suggests, extortionware enables a hacker to use a person or group’s sensitive information to force them into paying money.

The main difference between ransomware and extortionware is that the latter doesn’t lock devices or accounts. Nevertheless, it’s a cybersecurity threat that everyone should protect against. 

How does extortionware work? 

Technology news website TechTarget says this relatively new cyber threat typically involves traditional malware to infiltrate a company’s digital systems. 

Then, hackers take their data and identify the information they can use against the company. These data might reveal its illegal dealings or tarnish the firm’s reputation.

READ: Phishing, ransomware attacks remain top cyber threats in PH

For example, a hacker stole a company’s new intellectual property or customer database. This malicious individual may threaten to release this information unless the company pays.

Sharing this sensitive data could erode customers’ confidence in the company, causing them to stop using its products and services. 

In 2015, one of the most high-profile extortionware examples involved the online dating service Ashley Madison. The platform experienced a massive data breach where hackers stole customer information.

Then, the perpetrators released the data, causing many Ashley Madison users to experience online extortion.

READ: Malware causes shutdown of DMW online services

Tech tips website MakeUseOf says some hackers may combine ransomware and extortion by demanding money twice. The first is for unlocking the data and the second keeps the hackers from releasing it publicly.

Some nefarious individuals can target women by coercing them with NSFW materials. As a result, extortionware can be particularly harmful to females.

Protect yourself from it

TechTarget says prevention is the best weapon against extortionware. It is recommended to keep offline data backups so you have a copy in case hackers steal the originals. Also, follow basic online security measures, such as:

1. Use strong passwords for online accounts.
2. Be wary of phishing scams and other online schemes.
3. Avoid downloading or clicking suspicious links in emails and websites.
4. Keep your systems up-to-date.
5. Install strong cybersecurity programs. 

Learn more ways to keep your data safe in this other Inquirer Tech article.