According to forecasts, the cost of ransomware attacks worldwide is expected to exceed $265 billion by 2031.
Ransomware is considered one of the most destructive and popular types of malware. When ransomware infects a system, files are encrypted and the victim is unable to access them. The hackers then leave a message informing about the attack and asking victims to pay a ransom to decrypt the systems (usually in the form of cryptocurrency).
See also: BlackCocaine ransomware: The new malware in the threat landscape
In most cases, ransomware operators steal information before encryption and threaten to publish it on leak sites on the dark web or sell it (further pressuring victims to pay the ransom).
Some of the most popular ransomware gangs that have made huge profits from their operations targeting large organizations include Maze, Nefilim, Clop , and DarkSide. The latter group is also responsible for the relatively recent attack on Colonial Pipeline, from which it took in around $5 million.
Cybersecurity Ventures predicts that the damage caused by ransomware could cost up to $265 billion over the next decade, i.e. by 2031. Ransomware targets both businesses and individual users, and it has been found that a ransomware attack occurs every few seconds.
Currently, the cybersecurity agency estimates that ransomware will cost around $20 billion this year.
The latest estimates, released by the company, were created based on a 30% increase in incidents each year.
See also: Massachusetts: Steamship Authority victim of ransomware attack
The cost of a ransomware attack includes both the ransom (which a victim may pay) and the money spent on investigating the incident, hiring specialist professionals, limiting the damage, restoring systems, investing in new security systems , etc.
According to Cybersecurity Ventures, the latest cost estimates include losses from business disruption, reputational damage , and the cost of employee training following a ransomware incident.
Palo Alto Networks reports that ransomware payments alone increased from $115,123 in 2019 to $312,493 in 2020.
Despite governments' efforts to improve cybersecurity, ransomware incidents are getting worse.
See also: White House: Calls on businesses to take ransomware attacks seriously
“Despite the fact that authorities have managed to stop many ransomware gangs, this type of malware has proven to be like the Lernaean Hydra, you cut off one head and another appears in its place, and all signs point to the next decade not being abating the problems,” Cybersecurity Ventures noted.
Source: ZDNet
