The use of technology has caused a dramatic increase in the prevalence of ransomware. According to Cybersecurity Ventures, by 2031, a business, consumer, or device may experience a ransomware-related attack every two seconds, a huge jump from every 11 seconds in 2020. The cost of ransomware is expected to skyrocket from $20 billion last year to over $265 billion by 2031. Senior leadership and boards may be aware of ransomware attacks and their frequency, but they may not understand the full scope of the incident, from the initial triage to the long-term business recovery. Companies that are affected by ransomware can suffer reputational damage, regulatory fines, legal and security restructuring costs, and a loss of production and productivity due to downtime. Furthermore, ransomware can have a negative impact on customers, employees, and the public. BlueVoyant's ransomware research has revealed that unsuspecting victims can experience layoffs, medical treatment delays, travel disruptions, and the inability to access funds. In 2021, the U.S. saw more than 65,000 ransomware attacks, with the Colonial Pipeline attack leading to gas stations in the southeast running out of fuel. Organizations that are targeted by ransomware attacks must make difficult decisions about how to respond, such as whether to cease operations or negotiate with the attackers. In some cases, companies may choose to pay the ransom to avoid embarrassment, but this is a risky strategy. After an attack, organizations may face legal, regulatory, and government scrutiny, as well as the cost of refactoring systems and processes, putting in place security improvements, and restructuring their business priorities. It is important to call in experts to ensure that the business is getting the right level of advice and guidance when dealing with criminals. Ransomware will continue to be a major issue in the future, so it is essential for businesses to be prepared for both the incident and the aftermath.
This Cyber News was published on www.bluevoyant.com. Publication date: Thu, 02 Feb 2023 18:49:02 +0000