Cost of Ransomware is Rising

Sep 20, 2016 | 6:56 am

Published by | Chandan Singh

Rise of ransomware means the total cost of damages related to problems using cryptographic file-locking software could reach $1 billion this year, a survey cyber security company Herjavec Group has warned.

The survey, Hackerpocalypse: A Cyber crime, claim that individuals and organisations who feel they have no choice but to pay to unlock their files have lead to the surge of the particular cyber attack. This even notes how even the law itself isn’t very except from becoming a victim as police departments have been infected with ransomware and have needed to pay a ransom to unlock the encrypted documents.

It’s estimated that this past year saw cyber crime victims spend $24 million to cyber-terrorist deploying ransomware. According to the Herjavec Group, the amount paid out by victims of ransomware in only the first three weeks of the year came to an overall total of $209 million. The statement suggests that at that rate, the total cost of ransomware is placed to reach $1 billion for all of 2016.

Robert Herjavec, The Herjavec Group CEO and Shark Tank Host, discusses the current state of cybersecurity and how much it can cost to protect our data from threats.

Source: cnbc, zdnet