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#News(Security) [ via IoTForIndiaGroup ]
Ransomware — a malware that infects computers (and mobile devices) and restricts their access to files, often threatening permanent data destruction unless a ransom is paid — has reached epidemic proportions globally and is the “go-to method of attack” for cybercriminals.A 2017 report from Cybersecurity Ventures predicted ransomware damages would cost the world $5 billion in 2017, up from $325 million in 2015 — a 15X increase in just two years. The damages for 2018 were predicted to reach $8 billion, and for 2019 the figure is $11.5 billion.
The latest prediction is that global ransomware damage costs will reach $20 billion by 2021 – which is 57X more than it was in 2015. This makes ransomware the fastest growing type of cybercrime.
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