Cybersecurity Ventures has released alarming predictions about the escalating costs of ransomware, projecting that damages will hit an eye-watering $57 billion globally in 2025. This figure translates to nearly $4.8 billion monthly, highlighting an ongoing crisis in cybersecurity.
Source: Cybersecurity Ventures
Key Points
- The forecast predicts ransomware-caused damages will reach $57 billion annually in 2025.
- This breaks down to roughly $109,000 lost every minute due to ransomware-related activities.
- Costs encompass ransom payments, lost productivity, data recovery, and reputational harm among others.
- The trend suggests a worrying increase, with costs expected to soar to over $250 billion annually by 2031.
- Cybersecurity Ventures began tracking these costs back in 2015, when incidents accounted for just $325 million.
Why should I read this?
If you care about cybersecurity (which you should!), this article is a critical read. It lays out the staggering financial implications of ransomware that are only set to climb. Understanding the scale can help both individuals and businesses prepare and safeguard against these invasive cyber threats.