Report claims $11.5 billion loss from ransomware in 2019

A new report says that ransomware attacks quantified to $11.5 billion in damage in the year 2019 which confirms that those spreading file-encrypting malware has made some good profits for sure.

According to a study made by Deep Instinct…hmm, not the Basic Instinct, hackers stayed more focused in 2019 in spreading ransomware and the loss per incident was recorded to be $141,000 per incident-up from $46,650 a year earlier.

Deep Instinct Ransomware Report says that the threat actors did not focus on a single business field to spread the malware. As they targeted critical infrastructure, life or death consequences, thousands of individuals along with government organizations.

Note- A report released by Cybersecurity Ventures has predicted in the year 2016 that ransomware damages will cost the world $5 billion in 2017, and will witness a 15x increase in just two years. Also, the report highlighted the fact that the cost of the global damage with ransomware attacks will reach $11.5 billion on an annual note by 2019.

Researchers of Deep Instinct claim that the estimated costs not only include the costs made from ransom, but also those which were incurred from the downtime, data loss, loss of productivity, post-attack disruption to the normal course of the business investigation, forensic investigation costs, data restore costs and reputation damage.

Thus, we need to understand that ransomware might prove as a game-changer for businesses as it has the potential to break a business on a temporary or a permanent note.

Hope, CIOs, and CTOs have made a note of this point and have boosted their awareness and response plans with regards to ransomware threats and mitigation.

Naveen Goud
Naveen Goud is a writer at Cybersecurity Insiders covering topics such as Mergers & Acquisitions, Startups, Cyber Attacks, Cloud Security and Mobile Security

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