Ransomware-related damage costs worldwide could reach $265 million by 2031, based on a rate of one ransomware attack per second, ZDNet reports.
Based on a 30% year-over-year increase in ransomware incidents, Cybersecurity Ventures approximated that ransomware costs will total about $20 billion this year, which is 57 times higher than five years ago. Business disruptions during and after the attack, reputational damage and employee training expenses after ransomware attacks were all accounted for in the latest estimates. Cybersecurity Ventures also said that ransomware incidents are only poised to worsen both in frequency and severity despite increased collaboration among government officials in combating ransomware groups.
“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,” said Cybersecurity Ventures.