Ransomware outbreaks to exceed $265 billion globally in the next decade

Ransomware has become one of the most dangerous — and often used — types of malware. When ransomware infects a computer, files are usually encrypted, users are locked out, and payment, generally in cryptocurrency, is required in exchange for a decryption key.

The most coommonly scenario related to ransoware is that the intruders will collect data during an attack and threaten to publish or sell it on dark web leak sites, increasing the pressure on victims to pay up.

Based on all the researches happening around the globe, top cyberseccurity ventures claims that Ransomware might cost the global stage $265 billion by 2031. More recently, US President Biden, who signed an executive order requiring federal institutions to improve the country’s cybersecurity posture.

As Zaki Abbas, VP and CISO at Brookfield Asset Management says, “There’s not a ‘one and done’ solution for cybersecurity, no silver bullet as we like to call it. With cyber, there needs to be continuous caring and feeding of the program. It’s a program that requires ongoing improvement. And that’s something very important to explain to the board.”