$20 billion. That’s the cumulative cost of ransomware global attacks in 2020. It’s a staggering number, more than double what it was in 2019.
Cyberattacks increased in number and complexity across the board but none more than ransomware, and industry analysts only expect them to continue to grow more so in the coming years.2 The rise in these attacks has even produced a niche offering among hackers — ransomware as a service (RaaS) — essentially building an easy-to-implement service for hackers to use and quickly (but effectively) launch these attacks. But as advanced as the attacks may get, the avenues by which cyber criminals access systems remain surprisingly simple. They find easy exploits in dormant accounts, poorly managed passwords, and mismanaged privileges. And what these critical attack vulnerabilities all have in common is human error.