The damage from ransomware attacks in the next decade will exceed $ 265 billion

cyber attacks

Experts have compared the ransomware to a hydra – chopping off one head, more appears in its place.

Cybersecurity experts at Cybersecurity Ventures warn that ransomware incidents will spiral out of control and exceed $ 265 billion by 2031.

Ransomware is currently one of the most potentially dangerous and widespread types of malware. Once the ransomware enters the computer network, the criminals encrypt files, block users’ access, and demand a ransom (often in cryptocurrency) in exchange for the decryption key.

In addition, ransomware also steals information during an attack and threatens to publish or sell the data on their specialized sites on the darknet, thereby increasing the pressure on victims.

As experts predict, the damage from ransomware will increase by 2031, as this type of cybercrime affects both businesses and consumers. According to experts’ statistics, the number of such incidents is increasing by 30% every year.

The U.S. Cybersecurity Agency estimates that ransomware will cost companies and organizations an estimated $ 20 billion this year, 57 times more than in 2015.

Infection of systems with ransomware can lead to expensive insurance payments, the need to use the services of information security experts to investigate incidents, compensate for damage or repair systems, loss of data, and even pay ransom to cybercriminals to prevent data leakage. In addition, business disruption during and after an attack, reputational damage, and post-ransomware training costs must be considered.

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