Ransomware Damages Projected to Reach $20B by 2021

Ransomware Damages Increase to $20B in Three Years

If we look at cyber crime, as a business instead of the crime that it is, we may begin to understand it a bit better.  This “business” is booming, and there’s no end in sight.  Why?  Because society worldwide is making it profitable.  Any business that is turning over a profit, will continue to run.  Not only is cyber crime profitable, but the damages for ransomware alone are expected to reach $20 billion over the next three years.

What can society do to extinguish cyber crime?

Stop making the “company” profitable.  Instead, understand these are criminals you’re making deals with.  By paying the ransom you’re not only putting yourself at risk for future attacks, but there is also no guarantee they will decrypt the files they’ve locked.

As long as they’re still making money, cyber criminals will stay in business.

In addition to no longer paying the ransoms, users need to understand what their security solution covers and does not protect against.  They should also understand if their current solution is using a blacklist model for malware prevention, or an application whitelisting technology.  For businesses with cyber security insurance, it’s imperative you also understand what the policy covers.  Lastly, timely backup processes are critical.

The Recap

To stop cyber crime, we have to stop making it profitable.  This means, no longer paying ransom demands, switching cyber security focus to emphasize prevention instead of reactive remediation, and ensuring timely system and file backups.

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