Ransomware to Cost $265 Billion in Next Decade - Politics Forum.org | PoFo

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Well, looks like Ransomware is going to be one of those malwares of choice for cyber criminals. There is ransomware out that are timed to encrypt some time after infecting systems so that they get backed up on company backups so the backups get encrypted too.

The cost of ransomware incidents worldwide is expected to spiral out of control, exceeding $265 billion by 2031.

Ransomware is now one of the most potentially damaging -- and a very popular -- types of malware. If ransomware lands on a vulnerable system, files are usually encrypted, users are locked out, and payment is demanded, usually in cryptocurrency, in return for a decryption key.

In a more recent evolution of the applications of ransomware, operators will also steal information during an attack and will threaten to publish this information on leak sites on the dark web or sell it on, doubling the pressure for victims to pay up.

At present, some of the most well-known groups that have turned ransomware into a lucrative 'business' opportunity are Maze, Nefilim, Clop, and DarkSide, the latter of which left the scene -- at least, under that name -- after extorting Colonial Pipeline out of $4.4 million following a devastating attack that disrupted fuel supplies across the United States.

Cybersecurity Ventures predicts that the damage caused by ransomware could cost the worldwide stage $265 billion by 2031, based on this type of cybercrime attacking both enterprises and consumers at a rate of one attack every few seconds.

Currently, the cybersecurity agency estimates that ransomware will cost us approximately $20 billion this year, a 57x jump from 2015.

The latest estimates released by the company have been generated based on a 30% growth in incidents year-over-year.

Ransomware infections can result in costly insurance premiums and payouts, the need to hire cyberforensics firms to investigate incidents, damage limitation or system repair, data loss, and potentially payments made to attackers to retrieve critical systems or prevent data from being leaked.

The latest estimate also includes during and post-attack business disruption, reputational harm, and the expense of employee training following a ransomware incident.



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