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There are growing malwares in the cyber world day-by-day. Ransomware is a type of harmful malware. Actually, Ransomware is divided into two words ransom and ware. The word Ransom defined as “money that is paid in order to free someone who has been captured or kidnapped” (“ransom,” 2016) and ware defined as “was ware of black looks cast at me” (“ware,” 2016).Ransomware defined as per O’Gorman & McDonald (2012), “a category of malicious software which, when run, disables the functionality of a computer in some way. The ransomware program displays a message that demands payment to restore functionality. The malware, in effect, holds the computer ransom.”(p. 2).So, Ransomware is a typical malware that encrypts victim’s sensitive files, financial data, business records, personal photos then demands payments from victim to decrypt the said files. Ransomware has great impact on the society in the following ways,-•The business, sensitive and proprietary information of individual as well as nation may loss temporarily and permanently.•Regular monetary transactions from financial institutions are disrupted.•For restoring sensitive files and system, heavy financial losses are involved.•The victim’s organization may lose their reputation.Paying the amount does not ensure to release the victim’s encrypted files rather the attacker can receive victim’s banking details. On the other hand, decrypting files may not be fully recovered.This report discusses about the variants of ransomware, their working mechanisms, potential threats, recent attack and their mitigation tools.
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