According to a recent report filed by Cyber Risk Management (CyRim), over 600,000 businesses all over the globe need to invest in ransomware removal strategies. If they fail to do so, they could end up facing data losses that may cost over $193 billion!
A Hypothetical Scenario for the Need of Ransomware Removal Strategies
The Singapore-based initiative that assesses cyber risks had filed the report ‘Bashe Attack: Global infection by contagious malware,’ and it spoke of a hypothetical scenario. This scenario illustrated how a ransomware attack could spread globally due to malicious email threads.
Once these emails will be opened in an organization, the ransomware attack will be easily spread onto the victim’s contacts as well. Simultaneously, the ransomware will be attacking all the data on servers and backup stores in companies, which incidentally amounts to about 30 million devices globally. As a result, the organization will be left with 2 options – either pay the ransom in exchange for their data or replace the devices that were infected.
Substantial Economic Damages
In the hypothetical scenario, the ransomware attack on a global scale will create massive economic damages in its wake. Multiple sectors in the industry will face the snowball effect of the ransomware – in terms of consumption and productivity. Other than these two factors, the costs will include IT clean-ups, supply chain disruptions, and even payments of the ransom.
The Top 2 Most Affected
The report found that the healthcare and the retail sectors will be affected the most. They will be facing losses of up to $25 billion each, and next on the list would be the manufacturing industry with potential losses of $24 billion.
On a geographical scale, the US was found to suffer the strongest blow with $89 billion in the trash. The US is then followed closely by Europe that stands to lose $76 billion alongside a surprising $19 billion loss for Asia. With the biggest players facing the biggest risks, the rest of world would only face a cumulative loss of $9 billion.
With all the oceans of data that was collected for this research, the global head of cyber TransRe made a very fitting statement. She said that ransomware and malware cannot respect any boundaries – whether they are legal, industrial, or geographical. This is because of the increasing reliance on innovation and technologies on a global scale.
That being said, it is also clear that cyber security and insurance are of strategic importance and the necessary components for defense for every business in the world!