Global Ransomware Damage

Ransomware attacks are a type of cybercrime where hackers encrypt an individual or organization's data and demand payment, usually in cryptocurrency, in exchange for the decryption key.

Ransomware attacks have become more common and sophisticated in recent years. As technology advances and more devices become connected to the internet, the potential attack surface for cybercriminals also increases. This could lead to a higher number of successful ransomware attacks, further driving up the damage costs.

Disaster recovery and data protection will play a crucial role in 2023. With ransomware attacks constantly garnering headlines, organizations should get used to the fact that it is impossible to prevent ransomware attacks entirely. Moreover, with the rise of Ransomware as a Service (RaaS) over the past couple of years, global ransomware damage costs are predicted to exceed $265 billion by 2031.

In 2023, the increasing amount of data generated and stored by organizations, as well as the growing threat of cyber-attacks, will make disaster recovery and data protection even more critical. It is important for organizations to have a comprehensive disaster recovery and data protection plan in place, regularly test their plans and strategies, and continually update and improve their security measures to stay ahead of evolving threats.

The only way in which organizations can withstand the threat of ransomware is by investing in disaster recovery solutions. Disaster Recovery as a Service (DRaaS) has been on the rise for the past few years and its market size is predicted to reach $41.26 billion by 2030.

Organizations should consider solutions built on the Zero Trust security model to ensure data security. This approach involves verifying every user and device before granting access to any resources. This can include multiple factors of authentication, such as biometric authentication, smart card authentication, or multi-factor authentication, among other methods. There are various solutions available that are built on the Zero Trust security model, such as network segmentation, identity and access management (IAM), and cloud access security brokers (CASB).

Going forward, it is crucial for individuals and organizations to take steps to protect themselves against ransomware attacks. This includes implementing strong cybersecurity practices, such as regularly backing up data and keeping software up-to-date, as well as being cautious when opening emails or clicking on links from unknown sources.

S Mohini Ratna, Editor, VARINDIA