There are many digital security experts who believe that ransomware attacks have already run their course in cyberspace. However, ground realities are quite contrary to this assertion. The continuous rise in ransomware attacks on local government offices, public school systems, and healthcare providers is the manifestation of the fact that cryptovirological attacks are not going away but changing their ways.
In addition, different statistical reports and surveys also keep on suggesting that ransomware attacks will continue to be the leading cyber threat for organizations and individual users. For instance, a recent forecast published by a tech website indicates that ransomware removal and protection market will grow at the compound annual rate of 16.34 percent for the next five years. The net worth of ransomware removal and protection market was almost $10 billion (9.98) last year. As per the projected CAGR, the market will stand at $24.74 billion by the end of 2023.
The growth of ransomware protection market strongly indicates that organizations consider cryptovirology as a future cyber threat too. According to the report, mounting phishing attacks and network infiltrations are the driving force behind the sustenance of ransomware removal and protection market.
The report also suggests that cloud-based services will make the largest share of ransomware protection market. Data backups are considered as one of the effective ways to neutralize the threat of ransomware. For that matter, more companies are embracing the practices of automatic backup maintenance through online cloud services.
It has also been predicted in the report that the organizations based in the North American region will spend most on ransomware protection. Besides the productivity losses and incurred downtime, a successful ransomware attack can also tarnish the reputation of affected businesses. A survey concludes that nearly two-thirds of consumers reevaluate their association with the retailer if it has suffered a cyber attack. Therefore, organizations are now more willing to spend on ransomware protection.
