Security analysts have determined that cybercrime cost the global economy $1.5 trillion in 2018. Ransomware, in particular, is estimated to grow by as much as 350 percent over the next year. And while the ransom for a generic ransomware attack has now risen to nearly $13,000, with recent targeted ransomware attacks demanding as much as $50,000 (which, according to the FBI, you shouldn’t pay) – the real cost is in downtime and recovery. The total cost of a successful ransomware attack ranges from $713,000 for smaller companies to millions for large organizations and municipalities. That’s because nearly three out of four companies infected with ransomware suffer two days or more without access to their files, with 30 percent going five days or longer.
This is in spite of the fortunes being spent on sophisticated security tools designed to detect and prevent cyberattacks.