Ransomware is now one of the world’s most profitable (and seemingly low risk) criminal enterprises — with an underground network estimated to cost legitimate business around $20 billion this year alone.
While that sum is 57 times the amount collected by ransomware gangs only a few years ago, the worst is yet to come, and some experts suggest that within a decade, $265 billion will be stolen and extorted annually through ransomware crime. And with that growth in revenue has come remarkable sophistication as crime gangs efficiently target victims, with an estimated 150% surge in attacks in the past year. Baker Tilly Partner Jeff Krull said, “Frankly, it’s probably only going to get worse, not better, and we’re probably going to see more successful ransomware.”
In this article, Baker Tilly’s cybersecurity specialists from across the globe discuss common weaknesses that leave organizations exposed to ransomware attacks, and how best to prepare against the inevitable because it’s a case of when, not if, an organization is hit.