Ransomware may be an old technique, however, due to increasing levels of digital connectivity, are witnessing a proliferation of ransomware attacks in recent years, which pose significant threats to individuals, businesses, and entire industry sectors industries.
Ransomware, in its current form, has evolved into a lucrative criminal enterprise, exploiting vulnerabilities in cybersecurity defences worldwide.
This alarming trend has garnered widespread attention prompting urgent calls for enhanced security measures, robust defences, and international cooperation to combat it.
According to the World Economic Forum, ransomware activity was up 50% year-on-year during the first half of 2023 with off-the-shelf Ransomware-as-a-Service (RaaS) kits, (such as LockBit) where prices start from as little as $40, a key driver in the frequency of attacks.
And it’s big business. Reports suggest annual revenues from ransomware attacks are already in the tens of billions, while some predict ransomware damage costs will exceed $265 billion by 2031.
And in 2024, cyber-criminal gangs are carrying out even more attacks and are doing so at a faster rate. This has resulted in the average number of days taken to execute a ransomware attack falling from around 60 days in 2019 to just four today.
Clearly, ransomware remains a significant threat to business resilience for several reasons. Its impacts range from operational disruption to severe financial losses and even long-term reputational damage.
Understanding why ransomware is pivotal in any discussion regarding long-term business resilience is crucial for developing effective cybersecurity strategies.
Widespread Impact
Ransomware can affect every aspect of a business. When critical systems are locked down or data is made inaccessible, operations can grind to a halt. This can lead to lost revenue and missed opportunities and can disrupt services or goods ..
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