What does ransomware mean, and how does it specifically impact the banking and financial sectors?
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What does ransomware mean, and how does it specifically impact the banking and financial sectors?
Ransomware is a type of malware that encrypts a victim’s files and demands payment, usually in cryptocurrency, in exchange for the decryption key. In the banking and financial sectors, ransomware can have significant impacts. It can disrupt financial transactions, compromise sensitive customer data, lead to financial losses due to downtime, damage the reputation of financial institutions, and put confidential information at risk. In some cases, ransomware attacks on financial institutions can result in regulatory fines and legal consequences.