The ransomware epidemic has been ongoing for many years now, with no end in sight. The ransomware cost is getting higher and higher for both companies and individuals alike. Here are five reasons why the ransomware cost is getting higher:
1) The ransomware economy value – Ransomware gangs make an estimated $5 billion to $50 billion each year. The ransomware economy is one of the largest underground economies in existence, with very little law enforcement or government resistance.
2) Ransomware gangs are now targeting individuals – An estimated 65 percent to 70 percent of ransomware attacks are now aimed at consumers and small businesses. This is an increase from 2016 when these types of ransomware attacks were estimated to be around 30 percent.
3) Ransomeware ransom values continue to rise – The ransom demand value to unlock a computer infected with ransomware has been increasing steadily since the ransomware disease began in earnest in 2013. In 2016, the ransom demand value was around $300-$500, but that ransom amount has risen to between $600 and $1,000. The ransomware ransom value has also been increasing due to a lack of resistance from law enforcement officials and government agencies.
4) Ransomware attacks are becoming more frequent – In 2016, there was an average of 4,000 ransomware attacks per day. That number is expected to double in the coming year.
5) Ransomeware ransom value has remained steady while ransomware attacks increase – The ransom demand for ransomware remains at $300-$500, but the number of ransomware attacks continues to rise each year. This means that more individuals and companies are falling victim to ransomware attacks that offer no immediate solutions or cures for this ongoing ransomware epidemic.
Ransomware costs continue to rise as ransomwares become more sophisticated and attacks become more relentless. The ransomware cost for companies is higher than ever before due to the increased demand, prevalence, and sophistication of ransomwares. Ransomware costs will only continue to rise as ransomwares becomes more common, and if it happens to a company, they can consult with an IT security consultant for ransomware protection and prevention advice.