On November 3, 2015, the Federal Financial Institutions
Examination Council (FFIEC) issued a joint statement notifying banks and
financial institutions of the increasing frequency and severity of
cyber attacks involving extortion.
The U.S. Computer Emergency Readiness Team
(US-CERT) notes that cyber-extortion malware, sometimes also
referred to as ransomware, "is a type of malware that infects
a computer and restricts a user's access to the infected
computer." The malware is used to extort money from victims by
indicating that the victim's computer has been locked or that
access to files have been denied, and demand that a ransom is
paid to restore access.
Ransom demands typically range between $100–$300 dollars,
and are sometimes demanded in virtual currency, such as Bitcoin.
The Federal Bureau of Investigation (FBI) has
identified certain ransomware that attempts to extort as much
as $5,000. Some industry analysts estimate that malicious actors
can profit
