Security Intelligence -
ransomware Costs Expected to Reach $265 Billion by 2031
Think ransomware is expensive now? It’s not predicted to get any cheaper over the next decade. Ransoms could cost victims a collective total of $265 billion by 2031. The estimate is based on the prediction that the price tag will increase 30% every year over the next 10 years.
Read on to learn what factors are helping to drive this forecast.
Ransomware Costs Growing
cybersecurity Ventures predicted in 2015 that ransomware would cost victims $325 million. Its predictions grew from there, suggesting a rising cost in related damages.
In 2017, for instance, the firm predicted that ransomware would cost victims $5 billion — 15 times more than it predicted two years ago. This cost projection grew to $20 billion for 2021, or 57 times what it was in 2015.
Looking ahead, Cybersecurity Ventures noted that more frequent attacks will factor in to rising costs. It estimated that there will be a new attack every two seconds by 2031.
Recent Attacks with High Price Tags
The current threat landscape supports these estimates.
For their part, victims are paying more in the