07/15/2021
RANSOMWARE
Ransomware — a malware that infects computers (and mobile devices) and restricts their access to files, often threatening permanent data destruction unless a ransom is paid — has reached epidemic proportions globally and is the “go-to method of attack” for cybercriminals.
A 2017 report from Cybersecurity Ventures predicted ransomware damages would cost the world $5 billion in 2017, up from $325 million in 2015 — a 15X increase in just two years. The damages for 2018 were estimated at $8 billion, and for 2019 the figure rose to $11.5 billion.
The latest forecast is for global ransomware damage costs to reach $20 billion by 2021 — which is 57X more than it was in 2015. We predict there will be a ransomware attack on businesses every 11 seconds in 2021, up from every 40 seconds in 2016.
The FBI is particularly concerned with ransomware hitting healthcare providers, hospitals, 911 and first responders. These types of cyberattacks can impact the physical safety of American citizens, and this is the forefront of what Herb Stapleton, FBI cyber division section chief, and his team are focused on.
