It happens all too often: a hacker breaks into a company’s cyber systems, threatening chaos. Or they get access to confidential information prior to a merger. Then follows the message: pay up — or else.
Ransomware refers to the use of malware to encrypt files. To get the key to decrypt their data, the victim pays ransom. It’s extortion with a 21st century twist, and it is far from uncommon. Supply-chain attacks rose by 42% in the first quarter of 2021 in the United States. Plus, ransomware is getting more expensive. The average ransom fee requested rose from $5,000 in 2018 to about $200,000 in 2020, and there are any number of companies who have paid millions. The total costs of dealing with ransomware could be more than $265 billion by 2031.