Ransomware is the most common type of cyberextortion. Cyberextortion occurs when cyber-criminals demand payment through the use of or threat of some form of malicious activity against a victim, such as data compromise or denial-of-service attack.
Victims of ransomware usually face demands to pay criminals in bitcoin. However, reports also exist of other currencies, gift cards, and ransoms of up to several thousand dollars, with some recent payments in the millions.
Cybercriminals realize that if they keep ransom demands small and establish a reputation for handing over decryption or access keys consistently, they can earn profits of tens of thousands of dollars per month.