Fastest growing type of cybercrime is expected to attack a business, consumer, or device every 2 seconds by 2031
— Steve Morgan, Founder of Cybersecurity Ventures
SAUSALITO, CALIF., USA, June 4, 2021 /EINPresswire.com/ — A 2017 report from Cybersecurity Ventures predicted ransomware damages would cost the world $5 billion (USD) in 2017, up from $325 million in 2015 — a 15X increase in just two years. The damages for 2018 were predicted to reach $8 billion, for 2019 the figure was $11.5 billion, and in 2021 it’s $20 billion — which is 57X more than it was in 2015.
Despite authorities’ recent success in busting several ransomware gangs, this particular breed of malware has proven to be a hydra — cut off one head and several appear in its place — and all signs are that the coming decade will be no less problematic.
Painting a portrait of ransomware over the next decade, then, requires extrapolating from the figures that are currently available, charting the impact of increasingly capable ransomware extortionists, and expecting that things will get much worse before they get better — assuming that they ever can.
Ransomware will cost its victims around $265 billion (USD) annually by 2031, Cybersecurity Ventures predicts, with a new attack every 2 seconds as ransomware perpetrators progressively refine their malware…
